Investing in the stockmarket must be the perfectionist’s worst nightmare. There is often no clear right or wrong investment. There is never a value equation that can actually be solved. No matter what some might suggest, there is no specific price that accurately values a company, or at least not one that can be actually computed. What’s more, there is an endless stream of available information on any potential investment. One can research a particular company ad nauseam over many years and still not have perfect knowledge of it. Successful investing requires sensible decision making in the absence of having complete knowledge. In this edition we discuss dealing with imperfect information and our view of the importance of having a clear investment framework.