First and foremost, when scanning the market for investment opportunities, there are only a very few securities offering a substantial margin of safety (where the valuation of the company is well over the market price). It is only in these securities that you should deploy capital.
* Equities portfolio should be concentrated around a few select companies where you have a very high level of confidence.
* A large part of capital should be deployed for each security chosen.
Over a 30 years period, you may only find a handful of companies where your level of confidence is very high. So it is necessary to be patient. Another advantage of portfolio concentration is that you will pay less in brokerage and commissions. You will also be able to delay taxable income.