Dear Santa, page-10

Yes, diversification in my SMSF helps me sleep at night. At the moment I have about 20 stocks in there.

There are many things to like about GRB, but I would not describe management as top notch. The way they handled the capital raising was in their own best interest rather than that of shareholders. They gave themselves many "free" shares. It has taken them a long time to get to where we are now. Why, I don't know. It is easy to sit back and critize, but at this point in time I am neutral on management.

However in order for the share price of companies to get as cheap as it was at 3.5 cents, there has to be hairs on it. When things are starting to go well, the share price reflects that.

One of my favourite quotes in value investing is:

"You make more money when things go from truly awful to merely bad than when they go from good to great" - GMO.

While that can lead me into companies where bankruptcy is a real possiblity, diversification helps me from destroying my own SMSF!