Buffett is a true buy and hold investor. He holds his positions for a long period of time, and constantly reiterates this to his followers. In fact, he has said that he likes to “buy and hold forever”. And it is true, since he has owned many of his positions for over 20 years, which is eons in the investing world. However, he has also said that this doesn’t mean hold a company if the fundamentals have changed. Buffett constantly looks at his portfolio and if a company loses its edge or superiority, then he does sell or trim back his position.

He also is a huge believer in patience. Basically – don’t trade, invest. Find companies you like, and wait for the right price. It has been said that Buffett has a list of hundreds of companies that he wants to invest in, but that he is waiting for the right price and opportunity. The last time he went on a buying spree was the Great Recession, when stock prices tanked. He was able to scoop up deals and get in on prices that made him get great returns in the following years.