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Stock Strategist

An Easy Way to Improve Your Investment Returns

Less means more when it comes to trading.

A hyperactive stock market is the pickpocket of enterprise, or so Warren Buffett quipped in his 1983 shareholder letter. To that end, I have one piece of advice: You can instantly become a better investor if you trade less. 

Consider this scenario: You're looking at two companies, Company A and Company B, both of which have wide economic moats. These could be any wide-moat companies-- Dell Computer (DELL),  Citigroup (C),  Pfizer (PFE),  Home Depot (HD),  Berkshire Hathaway (BRK.B), etc.--but let's assume Company A is  Intel (INTC) and Company B is  Linear Technology (LLTC). You run the numbers on each company, read the financials and the proxy statements, and make your best guess as to the future cash flows and risks. In the end, you come up with the same fair value estimate for both firms--say, $50 per share.

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