In 1998, a $4.7B hedge fund called Long-Term Capital Management (two Nobel laureates, 25:1 leverage on $125B of assets, the best model on Wall Street) FAILED.
Because the model was one idea (convergence trades) run at size, with no mechanism to become a different idea.
Concentration of strategy is a risk almost nobody prices.
On Kuvi, running several costs about what running one does.