 An investment policy statement (IPS) is the number one most important piece of paper to have before you start investing, or before you continue investing. Having this one piece of paper and referring to it often will avoid many of the pitfalls that even the most seasoned investors make.
An investment policy statement is simply a document that describes what your goals are for your money, how long you can part with the funds, what your selection philosophy is, and what sort of risks you are willing to accept.
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 It has become formulaic that when a movie comes out one of the advertisements will feature reviewers comments like “riveting”, or “one of the must see movies of the year” and of course my favorite “an instant classic”. The point, obviously, of these reviews is to convince you, based on some other expert’s testimony, that you need to see this movie.
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Benjamin Graham had a great investment philosophy. Find great companies determine their intrinsic value and then only buy them when they are cheap. Or as Graham puts it:
apply a set of standards to each purchase, to make sure that he obtains (1) a minimum of quality in the past performance and current financial position of the company, and also (2) a minimum of quantity in terms of earnings and assets per dollar of price.
The Intelligent Investor P347-348 Harper Collins Edition 2003
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