It depends on personal factors as well... In 2022, I got smacked around a lot (I was new and did a lot of bad decisions regarding stocks). I had anticipated that, and only used a little capital until I felt more confident. Starting 2023, my returns were really good - and I'm able to deploy more capital.

That means: I'm good with high volatility. I do have a lot of diversity, but some of those stocks are leftovers from 2021 and early 2022, I just don't have a need to sell them. But on what I'm buying, I'm concentrating a lot more, so my portfolio is getting more and more top-heavy. That's because I feel more confident about my analytic skills now.

It's still too many. Very interesting that there's no change between 20 and 50 anymore. I'll start reducing whenever I see opportunity I guess.

Thank you for the detailed argument!