I think what is meant by a savy investor is the ability to look at both an increasing or decreasing stock price as an opportunity. Shame on me being a long term investor without a stop loss! It doesn't mean that a person doesn't beleive in the long term potential of a stock to have a stop loss. It is about taking a breather to see where a decrease will land and buying back in, and doing it again if necessary. We follow the dream that the one announcement that could change everything could come any day. It is possible, but unlikely. Far more likely is that we get slow growth until revenues and quarterly targets are exceeded, leaving plenty of time to get back in. It is a bit of a moot point and hindsight when the stock price is so low now but it is the way that I will think in future.