Consuelo Mack WealthTrack “Investment Lessons “ — premiering nationwide beginning tomorrow, Friday, March 24 at 7:30 p.m. ET on public television (check local listings**) and on wealthtrack.com — features an exclusive interview with Brian Rogers, whose last day as Chairman and Chief Investment Officer of T. Rowe Price, is next week (March 31). He shares his lessons learned from 35 years of successful investing, running an award-winning mutual fund and a decade managing the firm and its investment strategies.
Anchor and Executive Producer Consuelo Mack offers this interview preview: “Near the top of Brian Rogers’ list are why humility is so important to successful investing and why over-confidence is an investor’s greatest challenge.”
Brian Rogers – “Investment Lessons”
Interview preview transcript:
Clint Carlson's hedge fund, Carlson Capital's Double Black Diamond strategy, gained 1.04% net of fees in the month of September. Following this performance, the fund has returned 9.87% net of fees for the year to the end of the month. Q3 2021 hedge fund letters, conferences and more The Double Black Diamond strategy makes up Read More
“I think when investors are overconfident about an asset class or a given security or a market, they are willing to pay more for it. Their analysis tends to be a little less rigorous. I always tell our younger investors that we don’t know as much as we think we know, because when you come out of graduate school and you hit your ground running on Wall Street, you think you know everything. Being over-confident is really the enemy of good investment returns over the long term.”
“How have you protected yourself against becoming over-confident? I mean, have you made mistakes along the way that have taught you…”
“Consuelo, we don’t have enough time to talk about all of my mistakes. But, I think observing people making investment errors when you’re young really leaves an indelible mark on you, and whether you do it yourself or you observe others. I think a thorough reading of economic history grounds you and prevents you from becoming a little too over-confident, reading about others mistakes. Every day in The Wall Street Journal there’s a new story about a fund or a small company or something else that’s getting into trouble and you learn a lot from that. You learn a lot from watching the mistakes of others, and hopefully you learn more from their mistakes than from your own.”