Saturday at the office and catching up on some industry reading.
I just read this and it made me smile! Something for all expats here in China, Taiwan, South Korea and Macau!
From Patrick Thomas, Investment manager, Canaccord Genuity Wealth Management, London
‘It sounds counter-intuitive, but mistakes are good. You learn from them and your portfolio management gets better as a result.
‘Jesse Livermore, Benjamin Graham, Charlie Munger, Warren Buffett have all lost a huge amount of money at various times of their investing careers.
‘I actively look for fund managers who have made mistakes and become more resilient as a result. I actively avoid fund managers who blame markets or make other excuses.
‘My biggest investing mistake was personal, rather than for clients, but it ticked every box in the “bull market euphoria” playbook.
‘I thought if there was one thing better than a technology ETF, it was a 3x levered technology ETF. This looked stupid at the time and looks even worse today.
It taught me two rules: one, don’t market time and two, remember rule one!’