Welcome to Mistakes Were Made, a new podcast from Citywire that asks investors about their worst mistakes and what they learned from them.
Hosted by Citywire’s US editor Alex Steger and head of research Frank Talbot, each week we’ll hear from an investor about their gravest errors and the lessons that came from them. All in an effort to help us make better investments.
Over the coming weeks, our guests will include financial advisers, fund selectors, portfolios managers, and even a celebrity (look out for that one), from the US, UK, and Europe. The jobs and locations may differ, but the lessons learned are universal.
Ep. 10: Lawrence Lever
For the latest episode of Mistakes Were Made, Alex and Frank are joined by Citywire’s executive chairman and founder Lawrence Lever, AKA their boss.
A former lawyer and investigative journalist, Lawrence tells Alex and Frank about some of the mistakes he made when starting the business, what he learned from them, and how these lessons ultimately led to the success Citywire enjoys today.
Some early missteps include not taking all the advice on offer from renowned venture capitalist Hermann Hauser and trusting a rival to act honorably (spoiler alert: they didn’t!).
We also discuss mistakes that the media can make when covering investment (Lawrence has some pointers for Alex on this), what fund managers often get wrong when starting their own shops, and why asset managers are probably nicer than investment bankers.
This is the last episode in the current series of Mistakes Were Made. We’re taking a break over the summer and will be back September. Thank you for listening.
Ep. 9: Mark Holman
Alex and Frank are joined by Mark Holman, CEO and portfolio manager at TwentyFour Asset Management, a boutique bond shop running some $28bn.
Mark told us about an error he made going into the Covid crash of 2020 and how the lessons learned from that mistake helped the firm position well for the recovery.
One of our most prepared guests yet, Mark also ran us through a list of common mistakes all bond investors make and what can be done to avoid them.
Ep. 8: Ric Edelman
Alex and Frank are joined by Ric Edelman, founder of Edelman Financial Engines, one the largest RIAs in the USA, with some $270bn in assets under management.
Ric tells us about the importance of compounding, why he's so bullish on bitcoin, and has some damning words for the wider financial services industry about the way it treats clients.
Ep. 7: Shannon Saccocia
For our latest episode of Mistakes Were Made, we are joined by Shannon Saccocia, CIO at Boston Private.
She tells Alex ad Frank about a time she backed a breakaway boutique manager, but things did not turn out as planned. Spoiler alert: ego plays its part.
Shannon and Frank commiserate with one another about a shared mistake in their respective retirement accounts, and a previous podcast guest gets a kicking (kind of, but not really). Enjoy!
Ep. 6: Gene Goldman
For our sixth episode of Mistakes Were Made, we are joined by Gene Goldman, CIO and director of research at Cetera.
Gene and his team oversee a recommended list of funds and run a suite of discretionary portfolios for Cetera, which has around $80bn of assets under management.
He tells Alex and Frank why it isn’t always right to drop a fund when the lead manager exits, the best questions to ask PMs, and shares a cautionary tale about a team of missing analysts. Ooh, mysterious!
Ep. 5: Chris Ralph
For our fifth episode of Mistakes Were Made, we are joined by Chris Ralph, one of the UK’s most influential fund selectors.
Chris spent a decade as CIO of St James’s Place, a UK-listed advice firm with £130bn ($180bn) of assets under management.
He retired from the firm at the end of 2020 but remains a non-executive on its investment committee.
Chris tells Alex and Frank about an early error he made trading options, how success can change a manager, and the best way to break up with PMs.