Let's say Charlie Munger was an extremist when it came to concentration. He thought you were perfectly well diversified if you owned 3 great assets you really knew something about.

Have you ever looked at Berkshires holdings and subtracted the Ted/Todd and or Lou Simpson holdings. He has huge positions in generally 5-8 names...and that's with all those billions. Now of course,we do have 70+ operating companies, but that's a different game. With the operating companies he's running a museum for business owners who don't want to see if broken up and sold off.

I have the exact quote at my office, but he essentially said this:
In a 2008 discussion (echoing similar sentiments from earlier years, like 1998), Buffett emphasized concentration for skilled investors:

He and Charlie Munger "operated mostly with five positions."
If he were running $50 million, $100 million, or $200 million, he would put 80% of the money in five positions, with the largest single position at around 25%. JPGSX is bigger than that now, but I would argue the same concentration principles basically apply.