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.

... some important factor doesn't lose its "share of force" just because some "expert" can better measure other types of force.

You've got to have models in your head and you've got to array you experience - both vicarious and direct - onto this latticework of mental models.

In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women

Step by step you get ahead, but rarely in fast spurts.

Determine value apart from price; progress apart from activity; wealth apart from size.

How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.