Rule One demands of us the determination to eliminate gray; to never invest in a business that we don't fully know. We keep it 'black and white'.
By 'black and white' I mean we insist on clarity. Unfortunately, Clarity is a subjective experience. When I was teaching my kids to hunt, I taught them to make sure they could see and identify what they were going to shoot at. They had to know it was a deer and not something else. With a weapon that can kill there is no room for gray uncertainty. You have to know. But only they can see what they see and know what they know. I can see its a deer but if, from where they are sitting, they don't see it clearly, they can't shoot.