Your holdings
Paste from any brokerage export: Fidelity, Schwab, Vanguard, Robinhood, E*TRADE. The header row picks the symbol and market value columns; cash and totals are ignored.
The check runs as you type. Three or more holdings make it interesting; one makes it a statement.
How the check works
1 · The largest single stock
Its share of the total sets the band. Under 10% reads diversified, 10% is a tilt, 25% is concentrated, 50% and up is a bet. Funds do not count as single stocks.
2 · Effective positions
One divided by the sum of squared weights. It is how many equal-sized positions would carry the same risk. Twelve names where one is 60% behave like fewer than three.
3 · Sector tilt
Single stocks grouped by sector, funds excluded. Five tech names are not five bets; they tend to move together, and the check says so when one sector passes half.
Questions people ask
What counts as "too concentrated"?
There is no law, only guidelines. Many planners start paying attention when a single stock passes 10% of a portfolio, call it concentrated around 25%, and treat 50% or more as a bet on one company. The check uses those three lines and shows the math behind each one.
Do my holdings get uploaded anywhere?
No. The amounts you paste stay in your browser. The only thing sent to Pulse is the list of tickers, so the check can look up names, sectors, and whether something is a fund. The share link carries the verdict (a percentage and a band), never the positions.
What is "behaves like N positions"?
The effective number of positions, one divided by the sum of squared weights (the Herfindahl index). Ten holdings where one is 70% of the total behave like about two. It is the honest count of how diversified a list actually is.
How are funds and ETFs treated?
A fund is already spread across many companies, so it is not counted as a single stock and sits outside the sector tilt. The check does not look through funds, though: an S&P 500 fund still holds the same large names you may own directly.
Is this advice to sell?
No. The check reports weights and explains what they mean. It never says sell, trim, or buy. What to do about concentration depends on taxes, vesting, conviction, and your other assets, which is a conversation, not a calculator.
Read next
Why concentration builds wealth and then quietly threatens it
RSUs, ESPP, a founder stake, one great pick held too long. The essay on how single positions grow past the point where they still feel like a choice.
Am I too concentrated? The essay