I review cursorily many stocks. I like some and keep it in my pipeline for deeper dive based on priority. Liking a stock after a cursory review or having a small position does not mean I am convinced about it as a long term investment. I have deep conviction if it is in my top 10

And top 10 is 80-85% of my core portfolio at any given time.

Also there are some stocks that I have deep conviction but I had booked majority of gains which are then deployed to newer deep convictions. These companies like $SHOP $TWLO $NVTA among others gradually moved out of my top 10 to a lower ranked allocations over time.

Currently one such stock which is moving down the ranks despite a very high deep conviction is $ROKU which I first bought at $30. There is still a lot of runway, but I wanted to diversify some of those gains into newer stocks like $SKLZ $HAAC etc.

Think of this more like an exit for a VC kind of model. You invest when the stock is little known and book the gains when the stock does a 5X or 10X and then move it to a lower allocation while deploying the gains in newer multibagger potentials.