Investment process/discipline

I was just listening to Whitney Tilson's interview on the Seeking Alpha podcast - he had some marvelous things to say about investing.

Following is critical, which make sense and i have thought about for some time:

• Strategy: setting specific strategy where you have competitive advantage (like sub-$1bn banks in US, or digital tech in India, etc.) and playing only that with deep, expert knowledge 
• Stock-picking: thorough and diligent research on each company in that space 
• Portfolio management: deciding, and adhering to, specific allocations set up front (like 10 stocks 10% each, or 5 stocks 10% each, then 10 stocks 5% each, or whatever)
• Duration: buying slowly over a year and having min. holding period of 3-5 years 
• Leverage: not using unless highly compelling negative movements in stocks which make them attractive investments (not compromising any of top 4 priorities) 

Good advice was don't make something 20% of your portfolio because it's hard to come back from that if the investment fails.  

There's significant amount of research saying the more one trades, the lower the returns have been. Few trades, few ideas, and just wait. Time is money. 

FB/GOOG seem very attractive at these levels.