When we went crazy, and we did go crazy on residential real estate, it set things in motion that just - the dominoes started toppling.
Warren BuffettThe strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it.
Warren Buffett