As permanent owners, we at Nalanda have no interest in a business owned or run by someone who defrauds customers, suppliers, employees, or shareholders. When we come across such a person, we don’t ask if the business is cheap enough for the risk to be mitigated; we don’t ask if we could persuade this individual to change; we don’t ask if their crimes are trivial enough to ignore. We simply walk away.
– from What I Learned About Investing from Darwin book by Pulak Prasad