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Steve Wozniak reply about his 'bad decision' to sell his stock in the '80s: 'I gave all my Apple wealth away because wealth and power are not what I live for'
(programming.dev)
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Stephen Gary Wozniak (/ˈwɒzniæk/; born August 11, 1950), also known by his nickname Woz, is an American technology entrepreneur, electrical engineer, computer programmer, and inventor. In 1976, he co-founded Apple Computer with his early business partner Steve Jobs. Through his work at Apple in the 1970s and 1980s, he is widely recognized as one of the most prominent pioneers of the personal computer revolution.
Source: Slashdot Comment, by Steve Wozniak.
If you think buying multiple penny stocks is diversification...
It's called an index fund. It's not that hard. Just buy a cheap low cost index fund that aims to match the market performance. You get instant diversification by investing in every single company in the stock market simultaneously. Then you achieve further diversification by investing in a domestic index fund, a bond fund, an international index fund, etc.
Buying individual stocks is a fool's errand.
I re read my post and see how that could be confusing, but I mean that I don't have any penny stocks any more. Closest thing to a penny stock I currently have is just a flyer I took on about $500 worth of Lucid that's floating around $2 something a share, and that's a very small part of my portfolio.
Also, I've done quite well over the past 8 years with my individual stock choices. I generally invest in companies that I have a lot of knowledge in, and it's worked out for me.