I aim at 20-30 positions, not more.
I do it mostly by limiting my minimum opening position size by 5% of portfolio. It was a struggle at some point - when my portfolio was small, it was kind of OK to invest $1,000 - $2,000 in a single company. But then, as it grew, I started to realize that I subconsciously try to split my bets and whenever I have, say, $20,000 to invest I try to pick 4-5 companies and spread the money. I figured that it will lead to explosion of quantity of investment positions I have, and I thought that this is not a good idea, thus instituted this 5% rule.
I still do get some uneasy feeling investing $30,000 - $40,000 into a single company, but so far it didn’t affect my performance (because I am still well diversified), and number of companies in my portfolio is manageable.
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