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Many portfolio's are fundamentally feel good portfolio's as companies create their portfolios as a way of achieving a political balance or making everyone feel good about what they get. These politically based portfolio processes are called 'strategic', because it sounds a lot better.
While balanced portfolio is generally a good principle the problem is most balanced portfolios aren't balanced. As one person wants to do one set of things and other person wants to do another set of things, they can't agree. They split the difference and that's compromise and call is balance as it sounds better. As a result portfolio really don't deliver any results that the business needs.
To get great results from your portfolio you have to take a rigorous look at the value of all the opportunities in your portfolio.