FINANCIAL ADVISOR INSIGHTS: How To Admit You Screwed Up
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How To Admit An Error (And How Not To) (Barry Ritholz)
Errors are inevitable, but Barry Ritholz says the best fund managers have developed methods for reducing career-threatening mistakes into mere inconveniences. "Admitting error should be part of your regular process. I have observed two ways to do this that seem to get good results: 1) Identify the error in a professional capacity to relevant parties. This can be to you, your co-workers and colleagues. 2) Perform regular reviews of your errors with the hope of avoiding them in the future. I do this with my annual mea culpas. Ray Dalio’s Bridgewater hedge fund is notorious for brutal self-examination — and they are (arguably) the most successful hedge fund in the world."
Jim O'Neill Says It's Okay For Central Banks To Eye Equities (CNBC)
A recent RBS survey showed central banks could soon start ramping up investments in equities. Is that odd? In a CNBC interview, Goldman Sachs' Jim O'Neill believes it is not. "I don't think people should worry about that," he said, adding many sovereign wealth funds tied to central banks already invest in stocks. "Frankly, it makes a huge amount of sense in a world of floating exchange rates and such incredible opportunity, why should central banks keep so much money in very short term, liquid things when they're not going to ever need it?" O'Neill said. "To help their future returns for their citizens, why would they not invest in equity?"
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