Whenever Mark Cuban gives an interview, you’ll always be entertained. He’ll inevitably say something controversial — yet insightful.

But then again, Cuban is a true American super entrepreneur. During the dot-com heyday, he sold Broadcast.com to Yahoo (NASDAQ:YHOO) for a cool $5.7 billion. From there, he invested in other ventures — and, of course, bought the 2010-11 NBA champion Dallas Mavericks. As of now, Cuban now has a net worth of about $2.5 billion.

In a recent talk with The Wall Street Journal, he — as expected — did not pull any punches.

First of all, he took shots at the concept “buy and hold.” According to Cuban, it’s a good way to waste your hard-earned money. In an era of high-frequency trading, investing looks more like a casino, right?

Cuban also thinks the more sophisticated idea of “asset allocation” is another big loser. This is a fancy way to divide your assets across stocks, bonds, commodities and other categories — with the goal of getting diversification. But in a global marketplace, securities prices actually have become more correlated, making it tougher to reduce the overall risk in a portfolio.

So what does Cuban recommend? In a sense, it is about going back to the principles of legendary investor Peter Lynch. That is, you should invest in companies you really understand. Often this means avoiding high-fliers like LinkedIn (NYSE:LNKD) and Pandora (NYSE:P) and instead focusing on stalwarts like Coca-Cola (NYSE:KO) and

Proctor & Gamble (NYSE:PG).

However, Cuban always wants to get things at dirt-cheap prices. To this end, he still is waiting for the market to dip even more.

As should be expected, Cuban’s words have stirred up some crumbling from Wall Street power players. Just take a look at John Bogle, founder of The Vanguard Group. Basically, he thinks Cuban’s investment ideas are, well, dangerous.

Bogle is a firm believer in the idea that investing is about looking to the long haul. And yes, this means divvying up assets across different categories. Let’s face it, can the regular investor effectively time the market? Is it possible to take on the world’s top hedge fund managers? Probably not. So while asset allocation is far from perfect, it still is a pretty good strategy.

Despite all this, Cuban’s views still are worth noting. That is, there still are great opportunities to buy stocks that ultimately might become the next Wal-Mart (NYSE:WMT) or Starbucks (NASDAQ:SBUX). But again, it means truly understanding the company’s products and competitive advantages — as well as the long-term growth potential.

Tom Taulli is the author of “All About Short Selling” and “All About Commodities.” You can also find him at Twitter account @ttaulli. He does not own a position in any of the stocks named here.