I am new also to this style of investing. I had mutual funds and some ETFs in a retirement portfolio. Then I started learning about investing in individual companies, but still I had a very diversified/balanced growth portfolio.
When I discovered CYDY, it was the first time I put a ton of money into one company. I also, at the same time, spread out some more money on some other small biotech/Covid stocks reasoning that at least one had to make it big.
What happened instead is that everything I hedged with tanked. I am still in the red with CYDY, but I have learned not to worry.
I have learned though, that I think hedging is better with solid growth stocks in completely unrelated sectors.