Apparently the jurors in the Enron trials of Skilling and Lay had no doubt about their guilt on the majority of charges against them. I have no doubt either - but not about their guilt (or innocence for that matter.) I have no doubt that this has very little or no market impact and is only worth a few more lines of my typing time and your reading time. It doesn’t change fundamentals or stockcharts. For those people that want to believe that these trials somehow evidence the end of corporate wrongdoing and improve investor confidence, I only wish it was that easy to change human nature. If the opposite had happened and Skilling and Lay had been acquitted, it wouldn’t have meant that corporate fraud would be acceptable or that it would now send a signal to execs that they can do whatever they want. As for my investor confidence, I am confident that bad behavior will be in the minority and some of it will be uncovered and eventually punished. For the life of me, I have no idea what that means for future stock prices and my willingness to pay for them so rather than trying to price a “fraud discount” into my investing decisions, I think I’ll just go back to looking at everything else.