Protect the downside. Worry about the margin of safety.
We do liquidation analysis and liquidation analysis only.
There is always something to do. You just need to look harder, be creative and a little flexible.
Sooner or later, the market will do what it has to do to prove the majority wrong.
Long term debt and bank debt (including off-balance sheet financing must be judiciously employed. There must be room to expand the debt position if required.
When a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When you sell depends on individual circumstances.