Warren Buffett bought 500 stocks in his lifetime, but only 10 truly made him money. Many have heard the saying: diversify your investments. But Morgan Hauser, in *The Psychology of Money*, presents a more jarring fact— Warren Buffett likely bought 400 to 500 stocks in his lifetime, but only about 10 contributed the vast majority of his profits. It wasn't the accumulation of hundreds of successful decisions, but rather the support of a very small number of big winners who accounted for almost all of his wealth. 01—Not "Finding the Right Opportunities," but "Holding On" Buffett isn't the kind of person who discovers new opportunities every day. His true strength lies in his willingness to invest a significant amount of time in a truly excellent company once he's identified it. The most typical example is Coca-Cola. Berkshire Hathaway began buying Coca-Cola in 1988 and still holds approximately 400 million shares today. This stock has not only contributed enormous capital gains but has also consistently generated billions of dollars in dividends for Berkshire over the decades. Buffett doesn't need to constantly search for the next "Coca-Cola." He only needs to hold the one he's already found long enough. This reveals a harsh reality: wealth is extremely unevenly distributed. In investing, a few stocks contribute the vast majority of returns, while most stocks return close to zero, or even negatively. This isn't unique to Buffett; it's the structure of the market itself. 02—The Most Common Mistake: When ordinary investors hear the word "diversification," they often go to the other extreme: buying many stocks, but holding none for long. They might indeed have bought the future big winners, but sell prematurely due to quarterly fluctuations, news noise, or the thought of "having already made a lot of money." As a result, the few stocks that truly contribute the majority of their wealth don't stay in their hands long enough. Buffett's approach is exactly the opposite. He allows himself to buy many stocks (including many that later proved unsuccessful), but once he identifies a truly excellent business, he uses an extremely long holding period to amplify its returns. Diversification is about finding a few big winners, not about holding every stock with the same weight or for the same length of time. 03—The real challenge isn't "discovery," but "staying with the company." Discovering a good company isn't easy, but it's even harder to hold on to it throughout its upward trend. After a 50% rise, do you feel like "time to cash in"? After a 30% drop, do you doubt your initial judgment? When everyone's discussing new trends, do you feel outdated? Buffett's data tells us: most people lose money not because they didn't buy good stocks, but because they didn't hold onto good stocks. Coca-Cola has been held since 1988, experiencing countless moments of "should I sell?" If Buffett had sold at any seemingly reasonable point, the 400 million shares and billions in dividends wouldn't exist. In conclusion, there's a counterintuitive calm in investing: you don't need to be right every time, you don't even need to be right most of the time. You only need to be right enough and hold onto a few truly important opportunities for a long enough period of time. Warren Buffett has proven this through his lifetime of practice. He bought hundreds of stocks, but only about ten truly determined the height of his wealth. For ordinary people, perhaps the more worthwhile question to ask themselves is not "How many new opportunities can I find?", but rather—are the few I've already found still in my hands? (This article is compiled based on relevant viewpoints from Morgan Hauser's *The Psychology of Money* and publicly available information.)