Thank you for the reply!

I don't want to make any strong claims here, but my gut reaction to your first comment is that what one manager calls “allowance for illegibility”, another might call “trust in my reports”.

Yes, at the end of the day it's necessary to have some amount of "trust" in the people doing the work. Which is good- you can try to avoid that but if it didn't happen very little would get done.

Everything rots, everything changes.

Investors want to know how long you're going to keep making them money. They don't like surprises.

Really, I think what we need are new ways for investors to participate and understand and structure their investments that don't have negative downward consequences for the structure of businesses.