MOHNISH PABRAI 00:07
Usually when I have done that I picked one of the other, I usually and especially if we are – if I'm convinced that the equity is above zero almost for sure then of course, the bonds are worth par.
And so you know, I think that – you know, the thing that Buffett says rule number one don't lose money, rule number two don't forget rule number 1. I think the most important thing in investing is besides the patience is to really really focus on the downside.
If you truly spend plenty of time thinking about what can go wrong, the upside will take care of itself. You really want to spend a lot of time on what could go wrong and what could cause the business to suffer and such.
So the downside – spending time on the downside is a good thing.
Focus on the downside, the upside will take care of itself.