My strategy is to try to buy into 5 positions and rotate new cash through them so that I don't end up overweight in one particular equity. I'm aiming to have a ~10% stake in each with a 20% cap. I'm having a hard time finding 5 good opportunities, and the ones I do find frequently appreciate in price so that it doesn't make sense to buy any more. I don't currently have an exit strategy, I just buy things I'm comfortable with holding for life. Although looking over my past record, it seems like almost all of the return was within the first year or two so perhaps I should be exiting at year two if the investment no longer meets my criteria.

Are you constantly rotating positions and needing to research new opportunities? Do you set a price target during your initial research so you know to move on when it climbs above that?