What I learned from my three biggest mistakes as an investment manager

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What I learned from my three biggest mistakes as an investment manager
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Over my career I’ve learned to not rely on self-described experts, that properly managed credit risk is beneficial and to not worry so much about shorter-term performance numbers

Tom Czitron is a former portfolio manager with more than four decades of investment experience, particularly in fixed income and asset mix strategy. He is a former lead manager of Royal Bank’s main bond fund.

I eventually learned that the current guru usually just benefited from survivor bias and good fortune. Even in a purely random game, some players will do exceedingly well for a period. Mean reversion inevitably sets in. Fortunately, I had older and much wiser bosses who prevented me from losing untold amounts of client money and destroying my career.

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