Investment Strategy & Asset Allocation - A great company isn't necessarily a great investment unless it fits an investor's plan, highlighting the importance of a tailored strategy [1] - Asset allocation should be tailored to personal goals, risk tolerance, and time horizon [2] - Time horizon is crucial when deciding asset allocation between stocks and less risky assets like bonds; shorter time horizons may warrant shifting to less risky assets [4][5] - Neither asset allocation nor overall strategy is static; it should evolve as life circumstances change [6] Investment Styles - Common investment philosophies include deep value investing, high-quality investing, growth investing, and dividend investing, each with different places in a portfolio [7][8] - Deep value investing focuses on companies priced significantly below their intrinsic value, even if they are not exceptional companies [9][10] - High-quality investing focuses on financially strong companies with competitive advantages, held for long-term compounding [11][12] - Growth investing targets companies with revenue growth outpacing the broader market, often in technology sectors, but with higher risk [12][13] - Dividend investing prioritizes recurring dividend payments for a steady income stream, typically from larger, more mature companies with less price volatility but slower capital appreciation [14][15]