Ben's emphasis was on protecting his expectation of profit with minimum risk.
Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper.
If the stock goes down we want to buy more.
We may buy a little bit of a stock, to get our feet wet and get a feeling for it.
We do not spend a great deal of time talking to management.
I have been around a long time and Wall Street has changed a lot.