In tricky times, leadership is paramount - to the obvious other...

In tricky times, leadership is paramount - to the obvious other things such as the solid foundations of a company, product differentiation and validation of product etc,...but by far and away one of the most important aspects of investing is the leadership of a company, particularly biotechs (look no further than recent leadership announcements/changes at PNV, and also look at PTX with SYC as their leader), to be in the priveleged position of leading a company you must perform - this is partly reflected in the SP - granted there are other factors - but the market must have, absolutely must have - confidence that you are the right person for the job and you are making the right calls.....and that the board is steering the company in the right direction and made up of the right balance of people, I am currently not convinced but remain open to be corrected