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.

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.

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

As you climb of the organizational ladder, you have to redefine your role in the value chain from player to captain to coach to manager, and for some, to owner. These are different roles and you won't be able to succeed as a manager when you're acting like a player.

CEOs are no different than the guy in the mailroom. They all have to learn how to manage better the risk created by our increasingly risk-shifting world.

I think small groups have more collective wisdom than an individual.

In the summer between my freshman and sophomore year, my grandfather got me a job at a local messenger company working on Wall Street. I was lucky enough to have been in the business during a stock market boom but just before the fax machine appeared on the scene, let alone email and the Internet. As a result, the messenger business was booming.