Reflections on 3 years of Investments

I have just completed 3 years in the stock market :

Gained a lot of wisdom ... but have just touched the tip of the iceberg
Gained good sense of humility ... hope I learnt from it...
Gained good amount of returns ... hope this is also just the tip of the iceberg!

Some Key Thoughts:

1. When I started investing, the market was at its bottom. Today it seems to be at some intermediate peak (as per common view). While it was easy to make money, it was difficult to match the market's performance, especially in the last one year. I am happy that I matched the market's performance at low risk (as measured by stock up/ down ratio over 3 years, permanent loss of capital is yet to be decided), and now realize Warren Buffet's comment - something to the effect 'Its easier to beat the market in bear market than bull market'.

2. I have always made profits when I invested after my own research, and have always made losses when I invested on secondary analysis/ tips.

3. Another Buffet principle 'Its better to pay fair price for good business than bargain price for poor business'. Though I made good money by buying 'Cheap & Safe', I could have made more money with investments in good growth businesses that I undertstand.
- Am now looking for multibaggers : difficult but not impossible
- If a stock gives annualized returns of 26% for 10 years, you have a 10 bagger in 10 years
- If a stock gives annualized returns of 60% for 10 years, you have a 100 bagger in 10 years

4. Focus Investing : Bet Big on few opportunities; In-depth analysis of 1 stock better than cursary analysis of 2 stocks.

5. Periodic & dispassionate review of Portfolio Structure/ Stocks / Performance essential to move ahead

6. Portfolio construction : 'Cheap & Safe', 'Multibagger', 'Special Situation', 'Dividend' etc.

Again, I hope that I add more lessons to this list in future rather than just repeat these again !!!