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Which do you do?

Both, and it has evolved substantially as my portfolio size has increased.

When I was starting investing and had only $3000 or so in my account, I was constantly swinging for the fences--and losing. I felt like I needed huge wins to make the money turn into anything. I also felt like if I lost it all, it wouldn't change my life anyway.

As time went on and I saved enough money to have multiple positions and felt like I had something to lose, my investments became much more conservative. When retirement calculators started telling me I needed 6% annual returns to meet my retirement goals, I focused much more on not losing money.

Yet, I enjoy the creative process of investing and the "story" of an evolving business landscape so I own some speculative names along with established names. I am comfortable owning both INTC and ARMH. If I reinvest the dividends from INTC and they keep slogging along for the next decade, I'm pretty sure I'll be happy. Meanwhile, ARMH might turn into a huge position, it might not. The balance between the two makes it easy for me to sleep. I don't care who wins. I'm sure INTC will still have a profitable business in a decade, and if ARMH is still around in a decade, they will likely be several times larger.

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