Don't diversify?? How about just putting your life savings on #21 at the roulette table and having a 1/1000 odds at winning?

The likes of Buffett can afford not to diversify b/c they have vested interest and influence over the companies they invest in- you, on the other hand do not have billions to fork over. End of story.

If you are a long term investor and long on equity learn some fundamentals on asset allocation and diversificaiton- you should not have more than 3-10% of your total capital in one company. This will do you great justice during bear markets and an above avg return in the long run. As you get sophisticated with your investing you can also hedge your assets (with a small premium of course). 

If you are a wannabe trader and really want to gamble try derivatives (at the fraction of the cost), futures, f/x or commodities- unlimited upside potential gain, but limited loss (your initial investment). 

Market makers just love to widen the spread on ppl like you- totally naive!