What I Got Wrong (and Right) This Past Investment Season
Commentary
One of the most important disciplines in investing, whether personally or professionally, is to look back on investments made and take stock not just of how they performed but why. What decision-making or other avoidable errors led to bad outcomes? What lessons can be learned so that any future mistakes are new and better ones, not the same ones made before?
I recently undertook such a review for investments made coming out of lockdowns and general madness of the pandemic era, including revisiting the themes, investment decisions, and positions taken or exited between 2020 and 2022. I had some great wins and some equally spectacular failures. But nothing is ever for naught. There were important new lessons to be learned, and reminders of principles learned long ago that should have been better applied….