Warren Buffett’s Five Tips For Long Term Investing
The five tips
1) Focus on the long term, not short-term moves
2) Don't be afraid of market dips
3) Invest in efficient, well-run businesses
4) Start early
5) Don't listen to doomsayers (bet on long term economic growth)
Two things I would add
“An intelligent investor is not someone who knows everything about the market. It is someone who has the discipline to control their behavior and make decisions based on value rather than emotion.” - Benjamin Graham
Take emotion out of investing. Don’t get too attached to a company or industry. Things change, markets move, and you need to be able to adapt to the current environment. Just because something was a great investment 10 years ago doesn’t mean it is today.
Focus on qualitative factors when doing your search and analysis. URL link to a blog post on this: https://www.belvedereinvestmentsco.com/blog/the-qualitative-side-of-investing. You could have the best company in the world when it came to the paper financials but if that company has poor qualitative factors it could turn out to be a horrible investment.
