They say that conviction is emotional and they try to avoid it in their fundamental analysis. How much pride is too much? But from a fund portfolio standpoint, they believe that 50 - 80 names offers a good balance between "conviction" and "diversification". Does that mean that they have some conviction, but not very much? Or some conviction that has been humbled time and again? FWIW
"being convinced you are right doesn’t correlate well with actually being right."
"... conviction is best expressed in the overall results of the research process rather than in individual investment opinions."
https://www.hardingloevner.com/fileadmin/pdf/HLF/Semi-Annual-Report-2017.pdf
