Banker's Umbrella has a warning: Ride the waves of the markets by all means, but riding the biggest possible wave should not be your top priority. Your top priority should be to not drown...
It was a rather rude letter, not kind in the least, it even included some profanity. It was clear the writer of this letter was not a happy man, men who feel they have lost a lot of money seldom are. It was addressed to our CEO and was about my colleague, a portfolio manager. Said letter went into detail about the ineptitude and the general lack of basic intelligence of my colleague, calling into question his education, professionalism and so on and so forth. My colleague managed a multi-asset portfolio for this client and had taken the decision to sell an equity position in a mini...
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