A friend at a big IT services firm showed me his portfolio last week, pretty pleased with it. A dozen names, some large cap, a bit of everything. Looks diversified, he said. I told him the largest position he owns was not anywhere on that screen. It is his job. The paychecks he has not been paid yet are worth many times everything in the account. And once you count that, the portfolio starts to look less like spreading out and more like doubling down.