calimocho

While I have been investing for almost ten years (mainly equities within a SIPP), i definitely continue to regard myself as a relative novice trying to learn as much as possible with every decision.

Essentially a value investor, however, I have not to date adhered to any well defined strategy. Research is important, however, equally important for me is recognising the limits of my research - given the demands of my job and family the stockmarket remains only a part time obsession for me. My criteria for value is embarrassingly variable, however, learning through mistakes I've made thus far I try to adhere to the following principles:

• invest in good businesses where I have confidence that earnings will be in good shape in five years time

• be honest with myself as to whether I really have an 'edge' but always try to have one (as a minimum allocate highest % of my time to researching where one might exist)

• talk to my wife regarding investment decisions. she has no interest in business. it's an acid test, and while she views things completely differently, i have found the different perspective very valuable (and some of my greatest failures have arisen where I haven't bothered to consult her because i've known investments unlikely to interest here because too esoteric or difficult to explain - both bad indicators as it turns out :(