A portfolio can have strong signals and still lose efficiency because of capital fragmentation.

Imagine $100,000 spread across 25 small positions.

Each trade may be individually reasonable.

But now the portfolio requires more monitoring, more rebalancing, more execution decisions, and more attention to maintain.

At some point, adding another position contributes less diversification than operational complexity.

This is why professional allocation should measure the marginal value of the next position.

Does position #26 materially improve expected return or reduce portfolio risk?

Or does it simply create another line to manage?

For eligible new users, CODE2026 can reduce qualifying Binance Spot trading fees by 20%, keeping one predictable component of execution costs lower.

But cheaper transactions do not make unnecessary complexity free.

Diversification has diminishing returns. Complexity does not.

The goal is not to own as many reasonable ideas as possible.

It is to own enough independent ideas that each additional position still earns its place in the portfolio.