While we're waiting...

Yes, management integrity is THE most important single factor in judging the value of a company in any industry (look at Enron). But it is almost impossible to learn about on your own, using your own resources.

I myself rely on a second-hand approach. I trust reports made by certain online newsletter writers, and by certain forum posters (such as those here) about the management integrity of specific companies. Still, you never know for sure, so it is still a lottery ticket.

So, to protect myself from less than ethical management, I normally sell part of a stock that, on a runup, becomes 10 percent or more of my portfolio. But as I posted earlier, I'm breaking my 10% rule now waiting to find out about Not (any PGM?, how big an ore body?). I feel OK doing this partly because the Not management appears trustworthy.