NEW YORK (TheStreet) -- Buy-and-hold investing may sound simple enough, but it actually ranks among the toughest ways to invest because it requires immense discipline and considerable patience.However, this strategy should not be confused with what we like to call "set it and forget it" investing. True buy-and-hold investing requires developing an investment thesis, identifying hard catalysts that you can define and measure, and exercising extensive and continuous due diligence. More common forms of buy-and-hold investing suggest investors buy a name and put their heads in the sand for a number of years expecting their stock to rise over time with the market. We do not condone that kind of reckless investing. Those who are inattentive or disregard bad news under the guise of being a long-term investor give buy-and-hold strategies a bad name. Successful investments often come when an individual works hard and develops an edge on a stock. Whether he has a unique thesis, or is simply ahead of the crowd, a successful investor relies on discovering something that others have not yet uncovered. The bottom line: We want to profit by selling our stock at a later point for a higher price to someone who did not share our early insight. Every individual has two advantages that Wall Street investment professionals do not: time and patience. Because portfolio managers get paid based on their performance, they do not have the luxury of waiting for stories to unfold. They would rather pay up once the stock has begun to move or after the risk has been neutralized by fundamental change. Investors may want a sure thing, but (legal) investments without risk just don't exist. We are comfortable taking on the risk of waiting, as risk vs. reward is a fundamental tenet of investing, and we believe we will be well rewarded.