I'm similar to Joel in the letter. When I was spending over $100,000 a year in just complying with government regulations as a hedge fund manager, I simply decided to "go Galt" and manage my own assets. I went from 10 employees maximum to none. I would not choose to get back into any business involving employees until the regulatory and legal environment allowed me the ability to do it without the fear of being ridiculously overregulated or sued. There's just not enough reward in the equation for new business owners to justify the risk.