The "wise" man puts all his eggs in one basket and watches it

Hmmm... so some how the wisdom of generations which have learnt, "Don't put all of your eggs in one basket" is wrong?

From every bit of investing advice I've ever heard, you never put all of your eggs in one basket. That seems like advice from a robber baron. It makes it easy to take it all away. And that is the advice the powerful have always sold the public, one of absolutes.