Form a point of view on how markets work and where they are likely to break down.
An investment philosophy is a coherent way of thinking about markets and why they make mistakes. It is broader than a strategy (e.g., "buying low PE stocks" is a strategy, not a philosophy). Investment Philosophies By Aswath Damodaran Pdf
Every asset generating cash flow has an intrinsic value that can be estimated. Form a point of view on how markets
Damodaran categorizes approaches based on their view of the "gap" between price and value: Investment Philosophies By Aswath Damodaran Pdf
Markets are generally efficient but fail during periods of extreme uncertainty or change.