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1. Vanguard is used because of the low fee's and quite a few folks here believe in index funds. You can get the same thing at Fidelity or TRowe Price.
2. 4 Pillars of Investing is a good book to start off with. Reading the book will answer your diversification questions. What happens to you if Bank of America has some huge scandal and destroys the price of the stock? Yes, it probably wont happen however...
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