Ann: Update on Hamish Douglass & David George commencement date, page-45

Agree with 1) so it has to be an interesting pursuit to justify time, but I if I can beat the index and consistently be in top quartile of fund returns, then many people should also be able to. Time I spend highly correlates to quality of decisions and returns. Being lazy and accepting adviser or analysts recommendations without verifying them oneself is the easiest way to lose. Agree also that larger caps are easier to pick. Best way to build capital is to leverage into large caps in bull markets and leverage out as markets get toppy. Small companies are fun and interesting but on average far more work and far worse return.