Deep Value Investor

- Buy and hold (except certain exceptions)
- You make money when you buy, not when you sell
- Investment decisions should be few and far between.  Be patient.
- Investment Concentration - No more than 15 positions.
- Diversification is an excuse for ignorance.
- Large periods of inactivity.  I prefer doing nothing; it's easier than making a decision.
- Read, Read, Read.
- If you can't explain the reason to invest on back of napkin, forget Excel.
- Prefer companies that have high ROIC, ROE, profit margins. 
- Prefer companies that have a durable competitive advantage (moat), but recognize very, very few companies do. 
- Prefer companies with consistent operating histories that make the analysis very easy. 
- If the investment doesn't stand out immediately, it isn't a bargain. 
- Study companies I would like to own, then wait for an opportune time to purchase recognizing that day may never come. 
- Turn off CNBC, it only lead to Hyper-activity.
- If I am ever looking for something to do, read. 

Never purchase mutual funds, as the MER's will kill your investment returns.  I love the fact that I don't start with a 2-3% negative return at the beginning of each year.  And secondly, why not buy an index instead?  Do you think the portfolio manager actually reads the annual reports of all of the 100-200 positions in their portfolio?