Passive Investors - What’s your reason for not putting all your funds into an All-World ETF?

I started off 100% in Vanguard funds about 5 years ago. I spent literally a month researching it before I bought as I think through what I’m investing in. I started buying individual stocks about exactly 3 years ago.

I assessed what my stock investing return is compared to the funds. I just did a calculation, my whole portfolio return is 176%. If I take out the funds, then my return is actually 304%, which surprised me to be honest. I’ve got about 50 different investments, I’ve never sold any of them, I generally weight my investing towards where I am having success.