I buy and sell based on earnings potential and valuation looking out 5-10 years and have been actively investing for 15 years. Here on SA, I've been following the ladies and gentlemen of the DG community as well as some of the more provocative writers- a balanced diet - since 2007. In the public markets, I currently have approximately 50 positions across multiple portfolios with a goal to reduce this number to a more manageable 30-35 as I've gotten to "know" those positions that I'd like to deepen. I typically buy in thirds, slowly building a position while I get to know the company better. The majority of these holdings are individual equities (approx 85%) with a smattering of bonds and cash equivalents. Because of the importance I ascribe to the importance of dividends as an indicator, 90% of equity positions pay a dividend. The remaining positions, approximately 10%, do not pay a dividend - these are PCLN, AMZN, LNKD, GILD and BRK.B and a few other very small speculative positions.