In companies, there are three activities that should be labeled better. First there is the "CORE" which is the thing the company does that its customers pay it to do.

Harkening back to a story about my grandfather, I was lucky to attend a great high school in New York, Bronx High School of Science, which has produced more Nobel prize winners than any other high school in America.

The bottom line: All of your investing decisions should be grounded in your own investment policy statement. By taking a "top-down" look at your finances and writing out a road map, your policy statement will add an important element of discipline to your approach.

I also believe that at a critical point (more than six people?), that collective wisdom turns into group think.

I believe in labeling things.

In companies, there are three activities that should be labeled better. First there is the "CORE" which is the thing the company does that its customers pay it to do.

If the workers don't keep themselves current - with some assistance and guidance from their employers - then the workers who are in the legacy roles will have to be removed. That's what's so difficult.