Thanks for engaging Grant. Yes, we absolutely live and breathe the founder-led ethos given Lumenary backs exactly these kinds of organisations and is also founder-led in itself by yours truly. We do believe that founder-led organisations tend to place a stronger focus on fundamental matters of good business such as an ethical and customer-focussed culture, which Hayne mentions in his interim and final reports as being at the heart of many issues, rather than a lack of regulation. We aren’t in any way suggesting anti-regulation, nor have we indicated that penalties shouldn’t be imposed for bad behaviour. Best practice governance frameworks such as the ASX’s Corporate Governance Principles and Recommendations for example, have done nothing to address these cultural issues.

On What the Royal Commission reminds us about investing -

Thanks Rob. In my opinion opportunities are there for those that can see the bigger picture. As they say 'if you don't look, you won't find'. Curious to hear about other common misjudgements observed by others.

On Our foot is now firmly on the pedal -

There's always the option of allocating some investments to proven quality and some to more blue sky-type investments. It sure doesn't have to be one or the other. I'd also add proven quality and promising aren't mutually exclusive. There are promising companies that also have proven quality. Think Nike, which continues to go from strength to strength and continues to evolve their business continually.

On Picking better eggs and baskets -

The ability to dedicate time and have the 'finger on the pulse' is the main advantage fundies have. At the same time there are also other structural constraints faced by fundies. Given the competitive landscape is constantly evolving, investment theses are never static, always dynamically evolving. @Shaun, I'll be writing a piece about emotional biases (including commitment bias) shortly. If you've chosen to drive with a manual car, then you'll have certain advantages - just make sure you dedicate the time to learning it properly, otherwise automatic is a safe choice.

On 3 ways you can beat the fundies -

Thanks Emanuel. I enjoyed contributing my first wire. Nice to connect with similar-minded investors.

On 3 ways you can beat the fundies -