27 марта 2020 г.

On March 27, CFA Association Russia held its third live webinar. This time the society invited Joachim Klement, CFA, Head of Investment Research at Fidante Partners, a financial professional with over 20 years of experience in financial markets, to share his thoughts on how to avoid common mistakes when investing.

The webinar was especially interesting during the current times of economic instability and the global financial market volatility.

“I’m not Warren Buffet, I’m not a star portfolio manager, but a regular guy who made many investment mistakes during my career. That’s why I’m here to tell you what not to do,” Joachim said in the beginning of his presentation.

Among other things in his career, Joachim wrote the book “Mistakes every investor makes” in which he highlighted 7 major mistakes that investors tend to make:

  1. Relying on forecasts. Expert forecasts are so unreliable that it’s better to ignore them.

  2. Short-termism. A lot of investors think short-term and end up making mistakes.

  3. Long-termism. At the same time, some get trapped in too many long-term positions that have no chance of becoming profitable.

  4. Not learning from history. Investors fail to learn from their past mistakes, hoping the next time things will be different. This leads to the rise of bubbles and crashes.

  5. Ignoring the other side of a story. Many investors only partially examine their future investments.

  6. Not being active enough. Investing too much money into passive funds that have no chance of outperforming a benchmark.

  7. Belief in equilibrium, linearity and homogeneity. Here the author asks whether the traditional finance theory might be wrong altogether and what it means for investors.

During the webinar Joachim shared many gems of knowledge accumulated during his long career in finance. Some of the things he said might be at odds or even contradict traditional investment advice; but on the other hand, Joachim’s knowledge, experience and professional success speak for themselves.

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