I am an independent investor nearing retirement age. I have some expertise in biotech and generally avoid it. I prefer index ETFs, using options to reduce risk. I also trade stock options, favoring combinations that can work regardless of the direction of the underlying stock. Yesterday as I walked across a wide manhole cover, I noticed these large letters, stamped in iron: "SANITARY SEWER." This was reassuring because I often walk this way without looking down, and I would hate to fall into the unsanitary kind. There should be a moral here, probably this: If you don't think you'll ever fall into a sewer, and if you think it will be sanitary because management said so, then think again. Manage your risk.