 Good day fellow investors. Today we're perhaps doing the most interesting video that we have done on this channel up till now because it will be an interaction between me and you and the goal of today is to think like the big investors do. So first focus on risk and then on reward. If you listen to Buffett, the first rule, don't lose money. If you listen to Ray Dalio, all-weather portfolio allocation, 25% risk, risk, risk, risk. Not about returns. It's all about risk. If you read Seth Clariman, he says that a value investor or any other kind of investor should first focus on risk. So let's exercise to focus on risk even if the market doesn't show any kind of risk even if the volatility is extremely low in the long term. Focusing on where we won't lose money will allow us to gain higher returns at lower risk rates and that's the most important thing. How will we do that? So let's take each of ours four top positions and then in one sentence write why do you own it, what are the potential catalysts and what are the risks so that in two rows you see the positives and the negatives. Every stock, every investment has positives and negatives. This might be difficult for some of you because a lot of especially beginners see only the positives and don't see the negatives. However, experienced investors, professional investors look first at the risk and then at the positives. Let me start. I'll discuss four positions that I own and show you how I think about the positives but I also always look at the negatives. Let me start with Amira Nature Foods. Why do I own it? 15% of book value compounding per year over the last six years. It gives me exposure to India and the catalyst there apart from the 15% book value increasing every year is fair market valuation. So that when that happens I will probably sell it. Probably, I don't know yet. The risk, the management isn't that communicative to shareholders. The debt is relatively high for such a small company. Receivables have been growing. Our questionable inventories are large because of the business model. However, I would prefer that they have cash and if the stock price drops there is a short attack of something we could see at the listing. So that's the worst case scenario that could happen to Amira. Nefson Resources. My second position I own it because it offers me copper and some gold exposure. Unfortunately, low zinc exposure because the Bishop mine has half their mine life. Nevertheless, it gives me some protection to inflation and on the positive side if everything goes well with TMock I expect a 200% return in four years. The risk. More issues in Eritrea. Complications at TMock with the pre-feasibility study that building the permitting whatever. Too much debt to build TMock. Lower copper and gold prices could really lead Nefson to a price of $1 per share. So that's the risk. High risk. Xinyuan Real Estate. I own because they have a 10% dividend yield, 5% additional buyback yield, offer me exposure to China, have a strong cash balance and the catalyst is there again a fair market valuation. Risk. Any kind of turmoil in China related to real estate or whatever financing interest rates could lower it to 2. There could always be the option of the management. They're listing such a company. Management buyout at a small premium lower than what I paid. So that's always the risk. Fourth position. Eldorado Gold. Let's say I own that because it's a gold hedge and that's what it is. I don't own it because it's an investment. I own it as a protection against monetary policies. The risk is gold prices go down. I can say bye-bye to Eldorado. More cost to Kishladak from operating risks. Negative arbitration in Greece. No reserves in Ontario with their new project and so. So it's crucial to look at the risks and at the rewards. Compare and find what are the best investments for your portfolio and your investing strategy. Because investing is not somewhere where you chase 10-15% returns over a few months. Investing is a 42-year marathon and if you want to win in that long period of time you really should focus first on risks and then compare them to rewards. So I'm looking forward to your comments. I'm looking forward to your risk-reward assessments and I'm looking forward to the comments if it is difficult for you to think about risks on the investments that you own. Do you see only the positive, only the catalysts and do you think it's dangerous? So this video is about you and your comments. Those will be very valuable because we'll have a lot of stock picks to dig in, a lot of risk-reward assessments to assess and a lot to learn. Thank you for watching. Click like if you like the content and I'll see you in the next video.