The Dhandho Framework (from Mohnish Pabrai, The Dhandho Investor, p. 46)

1.  Invest in existing businesses.

2.  Invest in simple businesses.

3.  Invest in distressed businesses in distressed industries.

4.  Invest in businesses with durable moats.

5.  Few bets, big bets, and infrequent bets.

6.  Fixate on arbitrage.

7.  Margin of safety – always.

8. Invest in low-risk, high-uncertainty businesses.

Invest in the copycats rather than the innovators.