Basista Pitkin May 2014 Spray 33 of Intellectual Property: patent (protects new and useful inventions); trademark (design, word or phrase that identifies a particular source of goods); copyright (protects original works of literary, artistic or creative authorship); and trade secret (a secret device, formula, idea or technique that gives a competitive advantage). The America Invents Act of 2011 means that the U.S. is now a “first to file” patent system for applications filed after March 15, 2013. A patent no longer applies to the “first to invent.” It’s now a “race to the patent office.” Patent “troll” legislation in the U.S. will address nonmanufacturers who buy patents for the sole purpose of asserting them against manufacturers, aka non-practicing entities (NPEs). Proposed legislative “fixes” currently being evaluated include limiting injunctive relief in front of the international trade commission, heightened pleading requirements in patent lawsuits, disclosure of all parties-ininterest who are asserting patents, shifting the costs of patent litigation to the loser of the lawsuit, staying lawsuits against “end users” of processes/products, curbing abusive demand letter practices and “crowdsourcing” prior art libraries. Patent, trademark and trade secrets laws are different in every country and it’s a big mistake to assume that countries other than the U.S. have the same laws. Many developing economies are transitioning from the “imitator” to the “developer” phase as a result of highly educated foreign scientists and engineers combined with low overhead/production costs. Foreign manufacturers seeking domestic (home country) protection from U.S. exports and foreign suppliers/ manufacturers are now filing U.S. patents. Intellectual property systems are strengthening in many developing economies. Brian Pitkin of URI Capital Management presented Back to the Basics. In offering guidance for creating wealth over the long term, Pitkin advised that one cannot invest money one doesn’t have, so spend less than you make. Beware of the 24 hour news cycle that “sells fear” and often tempts investors to react. Reaction to fear shouldn’t be an investment strategy; rather, investors should think of owning and buying a stock as one would a business, with an understanding that decisions should be made for a longterm effect. Spray
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