I'm pretty surprised more people don't talk about decimalization. It totally removed the incentive for banks to cover smaller companies with both research and market making. I don't see how a real boutique with a trading desk could arise without it somehow making money off the trading floor and market making activities.

#3 is harder than it sounds, because you need to STAY IN THE GAME to still be able to add value. In 5 years SEO will probably be different, and the programming languages may have changed. Staying current is hard to do when you are a full time investor. I like your strategy of bringing a people onto your team who are focused at staying cutting edge in these different startup competencies.