New Delhi, June 1 -- Crisis or no crisis, Warren Buffett remains an intense thinker; he won't invest where he can't understand the business or protect the downside. This disciplined investment philosophy is why he sat out Lehman and turned down a direct AIG equity rescue in September 2008.

A conversation Buffett had with The Wall Street Journal continues to hold immense value for new and upcoming investors even today.

Buffett's idea is not to bet on any investment blindly. One should conduct a thorough and meaningful analysis before putting their funds on the line. Keeping these basics in mind, let us look at what transpired during the conversation.

In an exclusive conversation with The Wall Street Journal, published on its YouTube pla...