Quotes about Diversification from Market Legends

The ETF sub-Reddit debate rages on. Specifically one side says diversify into international and small caps despite, or because of, their recent lethargic returns. The other side chooses domestic large caps while eschewing international and small caps, not wanting to wait and hope for a change in a favorable trend that has persisted for a couple of decades. Everyone thinks they are right. So too, do these Wall Street legends. Maybe both sides are right depending on the experience, aptitude, and personal comfort level of the investor. Chime in if you feel the urge to defend your side.

Stanley Druckenmiller —"I strongly believe the only way to make long-term returns in our business that are superior is by being a pig. I think diversification and all the stuff they're teaching at business school today is probably the most misguided concept everywhere."

Warren Buffett — "Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.”

William J. O'Neil — "Wide diversification is nothing but a hedge against lack of knowledge."

John Bogle: Don't look for the needle in the haystack. Just buy the haystack!”

Barry Ritholtz: “The beauty of diversification is it's about as close as you can get to a free lunch in investing.”