Vivek
it is very tough to change strategies. I am not aware of anyone who has been successful changing styles. Once you make money in a particular style it kind of gets into your blood.That is because you develop conviction in that style nothing else. Finally the style that suits the mind is the best. Also either you are value or growth or blended does not matter as long as you stick to your strategy. For instance
value investors may not significant lose money in any stock but their ability to make 10 and 20 baggers is limited, Growth investors may be wiped out in cretain companies but they hope to make that up some where else.
The icing on the cake with growth is if you have 90% of your bets going with you. It is not difficult as long as you have a plan - written or oral does not matter.
I have developed an excel spreadsheet model that tells me the fair market price of ANY stock The parameters that I use are
1) Market Price
2) Number of shares
3) EPS forward (if it can be projected)
4) PE forward
4) Market Cap/Sales
5) Dividend yield
6) price to Book
7) Management - I assign subjective marks here for instance Infy would get 10 out of 10 and an RPG co. may get 4 Tata 8 etc etc
8) Growth
9) Industry leader or not - Subjective marking is assigned here
10) Bank rate of interest
11) RoE
12) Ability to be around for 10 years - Again subjective marking.
13) Market cap
The weightages differ for each of the parameter. Now this is as much math as you can do. But inspte of all this I use this model as a second line of analysis. This model told me Bharti as a sell when it was Rs Rs 25 and I made a 4 bagger from thereon.That was because there was no EPS for Bharti.It told me a target price of Rs 75 for Pantaloon when it was at Rs 50. But I just saw it but never listened. this is because this model could not think 3 years ahead which we as humans can.
As for your question of wealth protection. Ships are most protected at the harbour but still they are made to take on the high seas.