Legendary fund manager Li Lu (who Charlie Munger backed) once said, ‘The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.’ It’s only natural to consider a company’s balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Beiersdorf Aktiengesellschaft (ETR:BEI) does have debt on its balance sheet. But the real question is whether this debt is making the company risky….