In my observation, there is more than one discipline that can lead to investment success, and some of the proven ones are quite different from each other. The secret to investing successfully, therefore, is to adopt and follow a discipline that is in harmony with your personality.
For my part, I feel in total harmony with the contrarian and value disciplines that have guided my investments for 40 years. At the same time, I also claim (and aim) to be a long-term investor. Yet, almost from the start of my career, I have had the somewhat uncomfortable feeling that, in practice, these claims may be contradictory. Continue Reading »