Investing in businesses that you know - good strategy?

I believe you know your company's businesses well enough to adopt such strategies - Investing in business that you know. Will you  invest more into your company stock? Is this a good strategy?

I really doubt it. I didn't own a single unit of my company stock for one simple reason - protecting the down side.

If my company performs well, I will likely to benefit from its good performance by getting better bonuses.

But, what will happen to me if I hold large position of my company stock in my portfolio and the company doesn't perform well?

Its stock price may fall badly and my investment portfolio also get hit. I may face the risk of bonus cut or in the worse case got retrenched. Double whammy, right?