We have a rigid rule that if a position is down at least 15 percent from our cost, we force ourselves to either buy more or sell. Human nature in such situations is just to hold, but if our conviction on the idea is intact, we’re happy to see it down 15 percent so we can buy more. If that isn’t the case, we sell. The down-15 percent positions in a portfolio aren’t great, but they’re manageable. What we want to avoid are the down- 15 percent ones that turn into down-40 percent ones that’s where you really start to blow a hole in your capital that’s hard to get out of.