I do not consider jcs and kme to be speculative although most...

I do not consider jcs and kme to be speculative although most would. Broadly speakimg I define speculative as unprofitable or where there is a large gap between price and what the business has achieved to date. I think most would say kme and jcs are speculative because they are tiny and illiquid but there in lies the advantage of having a small capital base. Having said that I recognise that all the stocks i buy are at the riskier end of the spectrum which is why i choose to hold so many. My core positions are usually 5% (including jcs, kme) and spec are 1%. Spec stocks also give me an outlet for my impatience, allows me too get set early and I find establishing a position helps me focus my research.

This is just the current incarnation of my style and i have tried various approaches including higher concentration but found that it does not suit my mentality or the type of stocks I like to own.