Citywire: Mistakes Were Made

Veteran fund manager Chris Davis and best-selling author Morgan Housel share some of their worst investment mistakes and the lessons they learned from these errors. In short, buying and holding great stocks is much harder than you think!

Are humans completely prone to investment mistakes? Behavioural investment expert Joe Wiggins believes there are a multitude of traps even the most hardened of investor will fall into, so what can you do about it? In the final episode of the series, Wiggins, who has worked across major UK institutions and is now chief investment officer of research group Fundhouse, tackles the waking nightmare of thematics, the pain of past performance and the hubris of high-profile investors.

The truth path to ESG enlightenment is not paved with positive intentions but must be drilled home by the threat of meaningful punishment. That is the view of ESG expert Desiree Fixler, who oversee the sustainability efforts at DWS before being ousted and ultimately outlining what she saw as misaligned or misguided industry standards around sustainable investing. In this special episode, Desiree, who now works for non-profit group VentureESG, casts a critical eye over the world of ESG investing and looks at the most common mistakes investors and companies alike are falling into. We also hear from Jamie Catherwood on a historic treasure hunt that left investors more underwater than the precious jewels they were seeking.

Where are we in the market cycle? Legendary investor Howard Marks, co-founder and co-chairman of Oaktree Capital Management, shares his observations and discusses where the 'pendulum' may be heading in this interview with Alex Steger and Alex Rosenberg. Recorded live in San Francisco on November 17th.

Politicians have never been under greater scrutiny, but it is important to work out whether they are mad, bad, irrational or a hostage of fate. In a special Mistakes Were Made recorded at Citywire Berlin 2022 with author and commentator John Kampfner, which came after the political expert had shared his experience of where he thinks the world is headed. In this podcast, Kampfner, who has covered political change in Europe and beyond since the 1980s, reveals what he thinks is the currently the biggest political mistake that is being lived through, while also looking at the strange impact of a 24-hour news cycle. Plus, Investor Amnesia’s Jamie Catherwood takes a closer look at how the boom in the automobile industry led a surge – and inevitable pop – in the burgeoning rubber markets of Malaysia.

Dynamic Beta investments' Andrew Beer is having a banner year with his managed futures strategy up big while just about everything else is down. But he’s not always been on the right side of a major bubble burst, as explains to Frank and Alex.

Abrdn’s Hugh Young is open about the mistakes and challenges that have afflicted him during his four decades of building his noteworthy presence in the Asian market. From picking hot stocks at the exact wrong moment to his long-considered concerns about the Chinese growth story. In this latest episode, the Singapore-based investor talks about the evolution of the Asian equity market, as well as how someone with his level of experience contends with the surge in short-termist thinking that is becoming more and more prevalent.

GQG Partners' CIO and star fund manager Rajiv Jain explains how an aversion to energy cost him big, that it's vital for fund managers to have skin in the game, and why PM turnover isn't always a bad thing. Plus, Investor Amnesia's Jamie Catherwood drops by to tell us about Japan's Samurai bunny bubble (yes, you read that right). Enjoy!

A Jamba Juice SPAC, insane trading costs, and a 19th century Fyre Festival... this podcast has it all! Ritholtz Wealth Management’s Josh Brown, Michael Batnick, plus Investor Amnesia’s Jamie Catherwood join the Mistake Were Made crew for a killer episode to kick off season four.

When does it make sense to stand up to your risk manager? For income outperformer Nick Clay it is when you are being strong-armed into doubling your stake in a company you have little faith in. In the last episode of this season, Clay, who works for UK boutique Redwheel, looks back on four decades of income investing and shares the lessons he has learned from being able to push back.

From infiltrating an ECB press conference to trying to side-step stampeding crowds, Mark Dowding is at the forefront of fixed income’s many moving parts. In this latest episode, the bond chief for RBC-owned BlueBay Asset Management, digs into where he feels both he, and the wider market, are prone to going wrong.

Maybe our most honest guest yet? Could be! Morningstar’s Christine Benz shares not one but four investments mistakes from her time as a fund analyst and director of personal finance. No spoilers, but Mark Mobius, Janus 20, and market timing all make an appearance.

From ‘Tiger mum’ regulators to emotional stock pickers, there is a lot that Western investors (including Frank!) don’t understand about Chinese markets. Rayliant Global Advisors’ CIO Jason Hsu joins Mistakes Were Made to educate us (and the rest of the Western hemisphere) about China.

Fund industry stalwart Jean-François Hautemulle talks about the challenges faced by both fund selectors and companies trying to put exciting ideas in front of them. As part of this discussion, the UniCredit and JPM Asset Management veteran, also outlines lessons on dealing with big egos and misguided expectations.

Aperture Investors’ founder Peter Kraus takes aim at a major failing he thinks is hurting asset management industry, as well as his own slow response to the need for a serious shift in mentality. The former AB chief also talks about other elements of engrained thinking that could be deemed problematic.

Queens Park Rangers manager Mark Warburton explains why he gave up a lucrative career in the City to pursue his dream of being a football coach. We also talk footballers and investments. Trigger warning: NFTs, property, and tax schemes may be mentioned!

‘Bond King’ Bill Gross reveals regrets about joining Janus, ponders a bund blunder, shares the secret to being a star manager, and tells the tale of a bump into Trump. Plus so much more!

A false start with Nike, pumping the brakes on O'Reilly Auto Parts, and the stress of starting out as a deep value guy… …Polen Capital’s growth guru Dan Davidowitz shares some early (and much more recent) mistakes from his investment career, and the lesson he’s learned.

Martin Gilbert, co-founder and former CEO of Aberdeen Asset Management, looks back (not so fondly) on a high-profile scandal, warns about PE valuations, and shares the qualities he looks for in a fund manager.

In a special episode, Alex, Frank and Chris run the rule over the nine investment heavyweights who joined the Mistakes Were Made podcast for season two. From major operators who came unstuck by options to those who were left reeling by wildly ambitious trades early in their careers, we dissect and discuss common themes and concerns that emerged this time around.