A straw hat in winter, possibly..., page-59

Not arguing against that at all, and that is the approach I usually follow. I am generally very conservative with my entry points, largely because my portfolio is not large enough to "scale" into positions by buying several times. I usually only get a couple of shots, especially with smaller companies.

Buying in even smaller amounts than I do is an option, but the transaction costs and the possibility that I don't end up with a "meaningful" position if I don't buy my full allocation deter me from going down that path. As the portfolio grows larger and I buy more selectively, this will be less of a problem.