‘What I learned losing $50 million of other people’s money’

From Kim Iskyan, Editor, True Wealth Asia:

If you learn from your mistakes, the global economic crisis in 2008-2009 should have made me a very smart person.

I was managing a hedge fund that invested mostly in Russian stocks – at a time when the Russian stock market fell by 80% within seven months. The country’s economy and stock market were (and are) highly dependent on the price of oil and other commodities, which fell sharply. And the flight from risky assets everywhere affected Russia more than any other big country.

US$50 million isn’t that much by hedge fund standards. Just yesterday alone, one big hedge fund company, Pershing Square Capital Management, lost US$700 million on one bad stock bet. But it feels like a lot when it’s your responsibility.

Some of the most important expensive lessons are these…

1) Count to 10… and do it again: Some of the…

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