You have to be willing to double down when you invest in the types of companies we invest in, where things often get worse well before they get better. I don’t want to leave you with the impression, however, that it always works. In the late 1990s I had about a 12 percent portfolio position in Superior National, a big player in California workers’ compensation insurance. I increased my position in a rights offering and it got as high as 20 percent of my portfolio. When the workers’ comp business in California fell apart, the company turned out to be too leveraged and the shares went from $22 to zero. The lesson wasn’t not to be aggressive, but not to be overweighted in anything that’s so leveraged that it really has the risk of going to zero. .