1) George Vanderheiden retired in January 2000 after an illustrious career.
When he retired, he firmly believed technology was in a bubble.
He was massively underweight technology while being overweight homebuilders, tobacco and value in general.
2) Some lessons from him:
“Important to begin the year thinking about where one can lose the most money, rather than where one can make the most money.” Love humility inherent to this, dovetails with “I don’t know” > “margin of safety” as the most important 3 words in investing
3) “Manias often fizzle after the end of a calendar year.”
“Being too early is often the same as being wrong.”
“Being a fund manager makes it easier to change your mind relative to being an analyst.”
“Client alpha” really matters.
You can follow @GavinSBaker.
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