Saving as a PSD file

I understand how each time you save a JPG file, there is a loss of information (assuming you closed between Saves) even if you Save with Quality=12.  However can you do the following to avoid losing information between saves?
- save as both a JPG and a PSD
- if you want to make another change, open the PSD (instead of the JPG) and make the desired mods
- save as both a JPG and a PSD again
I believe the resulting JPG has basically been updated only once, as opposed to twice if you had made the second set of mods by opening the JPG from the first set of mods.  You could continue to do this as many times as you wanted, and the last JPG created would technically have only been updated once (always from the latest PSD), thereby avoiding loss of information from multiple saves.
Is this correct?  Thanks.

  Yes you are correct although a PSD will not be totally lossless because the original jpeg is being processed whilst getting wrapped in the PSD container. But you will have a much more robust file which will stand up to far greater editing or rotating. The downside is that you get a much larger file size but with today’s larger hard drives it’s no longer such a problem. See these test results.
http://www.prophotoshow.net/2008/03/25/file-format-degradation-saving-destructive-edits-co mpared/

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