As I wrote in “The Evolution Of A Value Investor”, I think about the various investment approaches within the “value investing” framework in terms of trade-offs (as opposed to my more assured, younger perspective of “right” versus “wrong”); these value investors all hope to become residents of Graham-and-Doddsville, while “calling their ‘flips’ in very different ways”. The approach that I’m personally trying to employ has its fair share of downsides, the most notable of which is exposure to short-term price and business volatility on a position that has grown to a meaningful size. I’m cognizant of that risk and I (largely) accept it. All I can tell you is that this approach, despite its downsides, is the one that I think best fits my mindset, time horizon / cash flow considerations, and skill set; it also offers the prospect of attractive outcomes when well executed over the long run.