Investors should use patient, low-turnover investment strategies if their time horizon is longer than 12 years, according to new research.

London School of Economics professor Paul Woolley told an OECD conference of pension fund investors last week that most investment strategies boiled down to two fundamental types: momentum strategies, which buy securities whose price is rising and sell those whose price is falling; and fair-value strategies, which pick securities based on their fundamental worth, buying shares in companies that have good business prospects.