The bigger the bet the lesser the risk?? How are you defining risk? A bigger bet as a portion of your portfolio will almost always mean more risk compared to a smaller bet. That’s why sizing bets is a form of risk control. Hedging a bet is acknowledgement that there risk that arises that you’re not willing to bear. If buying cheap is the only rationale it is not very sound rationale (value trap). No hedge fund manager will tell you they’re taking an outsized amount of risk with any bet.