Cathie Wood wowed the market when her flagship fund soared more than 200% in a pretty short time. That happened from the start of 2020 through the first six weeks of 2021. Stocks like Tesla and Teladoc Health (TDOC -2.40%) helped the Ark Innovation ETF climb.

Even though this gain came quickly, Wood is far from being a short-term investor. This investment superstar believes in buying and holding for the long term.

Though the Ark Innovation ETF has given back a lot of the early pandemic gains, it's still advanced more than 100% since its launch back in 2014. And Wood's ability to identify promising companies continues to intrigue investors -- and inspire them. That may be why you'd like to invest like her right now. If that's the case, remember these three things.

1. Favor innovations that could change the way things are done

Ark Invest's biggest fund has the word "innovation" in its name for good reason. Wood loves companies that offer game-changing technologies. She bets on those companies early on -- and even picks up more shares when they're down.

For example, Wood has been steadily buying shares of Zoom Video Communications (ZM 1.57%) over the past year. The idea behind this is more and more people will use videoconferencing in a shift to remote work. Even as many have since returned to the office, Wood continues to view remote work as a permanent part of professional life -- and expects Zoom, as a leader, to benefit.

Other innovators Wood favors include Tesla and CRISPR Therapeutics. Wood is betting electric-vehicle (EV) giant Tesla may be the first to launch a fleet of robotaxis -- and that could help the share price soar to $2,000 by 2027. As for CRISPR, the biotech company could transform the way some diseases are treated with its gene editing technology.

To invest in innovation, be prepared for some of your selections to fail -- or others to take more time than expected to succeed. But even one winner in this category could ignite your portfolio's performance.

2. Don't be afraid to go against the crowd

When a stock plunges as much as Teladoc Health (TDOC -2.40%) did last year, it's easy to understand why people are hesitant about investing in it. The stock fell 74% in 2022. You might think, "Maybe all of these people are right, and I should follow their lead." Wood is known to do just the opposite.

The top investor loaded up on more shares of Teladoc as it fell. Near-term declines didn't change Wood's mind about the importance of telemedicine -- and leader Teladoc's chances of dominating over the long term.

Her bet is starting to bear fruit. Teladoc has inched its way higher this year as the company makes progress on a strategy to reach profitability. But even if these small gains don't signal a big rebound yet, Wood isn't likely to be discouraged. She isn't intimidated by short-term losses.

How do you go against the crowd without constant worry? Be sure to truly understand a company's business, its market opportunity, and long-term prospects before investing. That will make it easier to commit to an idea -- and ignore short-term stock performance if it's not going your way.

Of course, situations can change. And you might decide it's time to sell a once-favored stock. But when you do this, it will be for a solid reason.

3. Focus on the long term

And now, another key part of Wood's strategy: investing for the long haul. This means at least for five years. But this can extend well beyond that point if you're confident about a company's growth story.

A long-term investment gives the company -- especially innovators and growth players -- time to bring their products and services to market and grow revenue. And as they reach various milestones, you may see the stock appreciate.

You might score a win if you buy a Wood favorite and sell it a few months later. Or you might see a sharp decline in that time period. But over five years or longer, you're more likely to truly benefit from your investments -- without the stress of monitoring each stock price movement every day.

It's important to keep this long-term view in mind as you study your portfolio. It will help you better weather the market's ups and downs -- and hold off on buying or selling for the wrong reasons.

Finally, always remember that to follow a big investor like Cathie Wood, your portfolio doesn't have to be enormous. You can integrate her tips into your strategy, regardless of the size of your investment. And you may set yourself up for a major win over time -- just like Wood.