Risks are those you cannot see. Public companies list ~8 pages of "Risks" in 10-k. Haven't seen one identifying pandemics as a risk to their business. You can never anticipate all the potential risks, that's why you need to build a margin of safety into your investments.
Defensive Interval in days = ((Cash+Rec.) * 365) / (Total Op Ex - Depr. - Other Non-cash Charges)
Taken from Graham & Dodd "Security Analysis" - measures expenses that could be paid with only currently available quick assets. Lots of companies now calculating for the first time.
"In the long run, nothing beats great businesses, and nothing beats the satisfaction of ownership if those businesses are purchased sensibly" Frank K. Martin
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