Though I wouldn't feel comfortable taking a position of any significant size in Truett-Hurst (NASDAQ: THST), I'd be fine holding a portfolio of 50 stocks with similar attributes, such as:
- deep discount to tangible book value,
- marginally profitable,
- cash approximately 50% of market cap,
- stock price roughly doubling earlier this week and now almost back to where it started, and 
- activist investors circling.

Small investors can't go too far wrong with portfolio allocation of 2% to THST while looking for 49 more situations just like it.