@Fire Bull That sounds eminently reasonable. I do not consider...

@Fire Bull
That sounds eminently reasonable. I do not consider JCS or KME speculative at all either - they were amongst the easiest buys I have made recently. I do find the stocks where I can very quickly realize the investment proposition have been substantial outperformers for me over the last 2 years, where I have really refined my investment process.

I do however have a very strong gradient across my stocks though (I don't see any rationale for weighting positions equally), it all comes down to risk for me. I am very happy to allocate large positions to any stocks where the risk of loss is small and conversely even very small positions in high reward opportunities can be great. I also try to competitively allocate funds so that the best investment ideas get disproportionate weightings.

Anyway it is interesting to learn strategies from other people that are on the same journey with different styles/characteristics- I do think all successful investors ultimately use strategies that play to their strengths and minimize their weaknesses and evolve. You seem to be pretty good at identifying good opportunities- there may be some others I join you on if the risk/reward alters materially.