The single biggest advantage a value investor has is not IQ. It's patience and waiting. Waiting for the right pitch, and waiting for many years for the right pitch.

There is no such thing as a value trap. There are investing mistakes.

Industries with rapid change are the enemy of the investor. Tech businesses, particularly biotech, is a problem from that point of view. All industries work with change, but you should ideally be investing in businesses with a low rate of change, not a high rate of change.

You know, my degrees are in computer engineering. I spent a lot of time in the tech industry. And I like to say that I don't invest in tech because I spent time in it. And I saw firsthand that the durability of technology moats is many times an oxymoron.

I think a lot of people are getting more serious about how to do the most good, but there is no road map. I'm hoping I can offer an example.

The problem most nonprofits have is that they are run by romantics who are great to hang out with, but they have no clue.