NorthWest Biotherapeutics Inc (NWBO)

[thermo]

Very perceptive.

Since I'm often close to management I'm very careful about how I handle information and even the appearance of impropriety can result in an expensive and distracting S.E.C. investigation. We will put a company on our restricted list if we are under NDA or receive material, non-public information.

Several times I've received information requests from regulators and once I had to endure a multi-year investigation covering over eighty of my investments. They never found anything wrong, but it still cost me a couple million dollars in personnel time and legal fees (because you don't sit for S.E.C. depositions without attorneys).