I now have three sections on this website — healthcare, investments and communication.  Beginning this fall, I also plan to begin issuing a newsletter on these topics, based on what I find most interesting and worthy of comment.

This is investing 101 advice, but two items matter.  First, develop an estimate of absolute (some say “intrinsic”) value for an enterprise, and let that be your guide.  When you get a fat pitch (when a stock trades well below your estimate), be willing to swing.  Constantly update your assessment using inbound information.  Recognize that your investments are always just a series of trade offs.  Sometimes, you don’t get a fat pitch.  However, if sitting on cash is worse, take an almost fat pitch and be satisfied you did.  Don’t watch your pot to see if it boils.

Health care has to be reliably the most disappointing industry known to man.  I’m not saying practitioners and innovators don’t do amazing things.  I’m just saying we ought to be able to do better.  On the right is a screenshot from my most recent call with Cigna’s mail order pharmacy.  The people were GREAT.  The call lasted over 54 minutes in order to sort out how to have 20mg of atorvastatin show up 4x a year.