What I did

1. Pick Company, not stock

In the short run, the market is a voting machine, but in the long run, it is a weighing machine.

- Ben Graham

Picking Criteria

1. YoY revenue growth

2. High cash, no debt

3. Leader in field/disruptive

4. Price not "silly" (margin of safety)

5. ...Don't believe what I said - evolve over time

Avoid price anchoring

One of the most difficult thing is to invest even more when people think the stock is expensive

"A great company's stock is always expensive"

Concentrate - trim bottom 50% to avoid law of large numbers

2. Pay the price of volatility

Volatile portfolio

Over half of trading days since July with > ±3%

If it's Dow Jones -> 800-point change every other day. 

98% times trading less than ATH

My stock is not making all time high today and that's ok

No margin

Margin call makes you sell at the bottom

Summary

1. Pick great companies and concentrate

2. Pay the price of volatility and don't use margin

References

1. Motley Fool - Saul's investing discussions

2. Charlie Munger's Poor Charlie's Almanack

3. Ben Graham's Intelligent Investor

4. Morgan Housel's The Psychology of Money