"An investor should act as though he had a lifetime decision card with just twenty punches on it."
Warren Buffett is venerated with good reason. He has become one of the richest men in the world with what sounds like a simple investing style. The popular formulation of his approach is to buy great stocks at attractive prices and then hold them for the very long term. Patience coupled with the power of compounding will make you very rich.
The logic of this approach is indisputable, but what most investors overlook is that its execution is extremely difficult. If it was as easy as it sounds there would be millions of Warren Buffetts running around. The reality is that there are very few people that have done anything close to what Buffett has done. Many have done well using buy-and-hold investing -- but it is not easy.