Importance of corporate finance skills for the investor

This is an encouraging quote (for me) from Jack McDonald which seems very wise. Understanding the use and limits of corporate financial metrics, it is helpful to have an audit or other forensic financial background. The quote is from an OID article that Whitney has on his website here.

"I am personally convinced that corporate finance skills must come first—that is, understanding how companies work as viewed from the vantage point of the chief executive officer and the chief financial officer who are trying to balance the needs for investment and financing and allocate capital so as to achieve the business objectives of the company and create value for shareholders. Those skills are primary. That was the case 30 years ago; I believe it is still the case today."