I think it would be a great improvement if there were no D&O insurance . The counter-argument is that no-one with any money would serve on a board. But I think net net you'd be better off.

Common stock investors can make money by predicting the outcomes of practice evolution. You can't derive this by fundamental analysis - you must think biologically.

It's not a competency if you don't know the edge of it.

I think there's something to be said for developing the disposition to own stocks without fretting.

The theory of modern education is that you need a general education before you specialize. And I think to some extent, before you're going to be a great stock picker, you need some general education.

A business model that relies on trickery is doomed to fail.

Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.