SARA SILVERSTEIN: As most of our members know, we rely heavily on our rating system where we categorize the 30 active stocks in the portfolio. How often do you revisit each stocks individual rating?

CHRIS VERSACE: So every Friday, we publish the big weekly roundup. And every Thursday, Friday I'm writing each of those positions. So when I do that, I'm kind of asking, OK, what's upcoming catalysts that could lead us to rethink this rating? Where would we need to see the stock price go, either to pull back or to pull forward to contemplate, depending on the stock, an upgrade or a downgrade?

So it's very much an iterative process. To say it's once a week, I would say that's a minimum. As we get news throughout the week for each position, we're, of course, formulating that as well.

SARA SILVERSTEIN: And for members following your latest moves, do you always strictly follow the system, or do you use it more opportunistically, or have you recently that you want to address?

CHRIS VERSACE: So from time to time, we will talk a little bit more about companies that were warming to. We did that with Marvell. I think we telegraph that probably about as best as we could, including the price points where we would look to enter the stock. However, there are times where we want to be opportunistic. I think Bank of America was a great example of that. The stock price cratered from 36, 37 down to 27, 28. That was an extreme situation. And we wanted to be able to act. We were nimble, and we did.

Now, is that my preferred way of communicating where we're taking the portfolio? No, it's not. I would much rather prepare members, work up, build a thesis, lay out our upside case or downside risk case, and set our preferred levels where we want to be buying the shares, and then execute on that plan. But we have to remain nimble, Sara.