This self-criticism deals with, first, the organization and certain procedures in institutional investing—specifically, the necessity for investment professionals to obtain board approval for each portfolio transaction. Second, the criticism addresses certain attitudes of groups and individuals that are handicaps to achieving superior results: "If we are wrong, let's be in good company." "Let's sell before they go still lower" or "buy 'em before they run away." "Why that couldn't possibly happen!" "The market is always right." "Let's not act until we are certain." And, "don't worry; the pendulum always swings back." Finally, the criticism addresses the implications of the structure and attitudes in institutional investing for the acceptance of investment analysis as a profession.