Carnegie Investment Counsel Blog

 

Mistakes Were Made

Posted by Raz Pounardjian on Aug 14, 2018 8:32:00 AM



While I was traveling last week on vacation, I read Michael Batnick’s latest book Big Mistakes: The Best Investors and Their Worst Investments. So often, when we think of great investors, athletes and leaders, we tend to define them by how successful they are. Many remember Michael Jordan’s game-winning shot to win the 1998 NBA Finals, but you don’t often hear that he lost to the Detroit Pistons 3 years in a row before winning his first NBA championship. Batnick’s book does a great job of highlighting the fact that not even the most intelligent and wealthiest investors come away with a perfect record. Often, when clients call to ask about the securities in their portfolios, they ask about the ones that are down (this is loss aversion at its finest). I try to focus on the fact that not every stock we buy is going to go up and

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Topics: Bill Ackman, Big Mistakes: The Best Investors, Michael Batnick

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