Furthermore it seems to me that investing in a stable company smaller than a certain size is likely to have too much key man risk. If I invest in a small busine

Furthermore it seems to me that investing in a stable company smaller than a certain size is likely to have too much key man risk. If I invest in a small business on the assumption it’s going to keep yielding me stable dividends for the next thirty years, I’d better be damn sure the people in charge aren’t going to get bored or call in rich at some point. Huge public companies have enough scale and momentum that they can survive the departure of any reasonable set of individuals, but small companies don’t always.