The advice all Portfolio managers need but don’t appreciate
“Never forget your responsibility to the investors who have entrusted you with a portion of their hard earned savings. When the perma-bull strategist at a bulge bracket investment bank is telling you to eke out the final few point of a rampant bull market even though there could well be 5% upside and 50% downside, try to think about the man or lady who has worked on the checkout at Tesco for years in order to put something by for her retirement. How would they feel if they knew what you were doing? How would it affect them if you did lose half their money? ”
http://www.rwcdr.co.uk/Docs/18.10_RWC_Equity_Income_Investor_Letter_Q3_2018