Graham liked the idea of protection on the downside.
When it comes to investing, my suggestion is to first understand your strengths and weaknesses, and then devise a simple strategy so that you can sleep at night!
Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper.
Use book value as a starting point to try and establish the value of the enterprise.
Be sure that debt does not exceed 100% of the equity.
My first job at Graham-Newman was to prepare the annual report for that 10th year.