My basic strategy is to play with about 10% of my money, while being conservative as heck with the rest of it.
There have been, and will continue to be, some major shifts, over the months and years, in where one should be invested. If you're going to come out of this decade with anything left, you'll have to make some -major- shifts now and then. But you won't have the courage to do that unless you've been staying engaged, long term and short, willing to be a bit bold at times.
So I keep one foot in the shark infested waters, even though now and then I lose a toe or two, just so when the time comes to abandon ship, I'll be ready.