You concentrate wealth to get wealthy, you diversify to stay wealthy.

Why is that?

Nobody gets rich from diversification. Its just what they tell uneducated people so that they dont take on huge risk

This statement is so general that I feel it doesn’t really say anything.

It’s true that Larry Ellison didn’t become a billionaire buy buying and holding index funds. But for people who don’t feel a strong desire to buy their own yacht, index funds can be a very good investment.

Idk, keeping spending low and pumping everything I could into index funds worked really well for me with minimal risk. When you come from a poor background and can't bounce back as easily from setbacks, you may have a different risk profile.

So it's better to stick with it and focus your energy on one thing?

Or the sophisticated. A diverse portfolio has lower volatility, which means you can leverage it more which then leads to higher expected returns