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Good evening Michael,
I read your latest email with great interest. You are absolutely correct, as I am reluctant to admit. I have been a financial adviser in the UK for nearly 40 years, and retired 10 years ago. I had my own small firm running collective fund portfolios for wealth clients, and they did OK. I always used active fund managers, and have never used tracker funds. There are seven [name] in the family, so we are a smart bunch. Yes, I have one of those PhDs, and my [name], so we know we are always right.
I am comfortably off, but have never made serious money in the markets. I started buying shares in 1973, so have seen 1974, 1987, the 2000 tech bubble, 2008 credit crunch etc. I bought your book 10 years ago and discarded it as too simplistic. How could such a simple idea possibly work?
I would not call it overconfidence, but intellectual arrogance. I am only just starting to come to terms with the fact that I have been wrong for 40 years. I will read your book again with a more open mind and start from scratch!
Thank you for telling me where I have been going wrong all these years: how could I possibly have be so mistaken?
Welcome!
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