Today I wanted to share something different. I’ve always written down everything from meeting companies and people. Here are some observations & lessons learnt.

(1) When you start your career, never rule out small companies. The ability to learn about how an entire company runs is an under rated skill. I had the benefit of starting as a graduate trainee, and did everything, including keying in daily trade settlements

(2) Learn about client relationship skills. It’s the clients that pays the bills. Having personal relationship with them matters. When fund managers branch out on your own, it’s you personally that matters not what your previous branded company did

(3) Always have a mentor to guide you in your early days. Need not be your colleague but somebody experienced enough you can lean on to navigate your career. I’ve had the benefit here from outstanding colleagues who have become friends

(4) Never underestimate internal networking. You have to be capable and visible to stand out. Moving around in various roles within a company is important, but leaders need to know you exist before you are picked. Biggest myth is if you do your job well you’ll be noticed.

(5) There is no one right way of investing. I was rigid in thinking this was the case, and switching to my second job was a culture shock where everybody worked differently but delivered outcome. What works for one isnt the case with another

(6) Market predictions, take it with pinch of salt. I’ve learnt never to give one. Markets are determined by sentiments, fear & greed; factors who’ll never be able to predict. Case in point is Covid-19. What’s key is picking investments that are sound that can ride through cycles

(7) Always upskill. I learnt a lot about other asset classes as I progressed and this humble realisation sanked in that I knew 10% of what’s out there. I eventually made that decision to stop managing money and move into fulltime management to continue being exposed to new things

(8) Never chase fads. Better to outperform over longer period of time in sustainable manner rather than take crazy risks one off. Fads are driven by sentiments never fundamentals, latter always wins eventually

(9) The hardest thing about managing money is resisting temptation to participate in rallies, and staying true to your philosophy. I have huge respect for fund managers who keep doing what they do despite market conditions.

(10) Be honest about outcomes. My former boss always told clients “I can guarantee you a period of underperformance”. Refreshing honesty (that my Sales team hated) that prepared clients and assured them you know what you’re doing

(11) It takes experience to read people. As a young manager, it’s easy to believe and get carried away with smooth talking company executives. I’ve learnt to be a cynic most of the time and look at what can go wrong. You do miss the upside, but you also minimise downside

(12) Exposure is important. Either moving around your company or within the industry. Don’t underestimate what you can learn from different processs, systems & governance. The ideal model is one where you take the best from everything into one that suits you. Yes it’s OK to copy

(13) High growth model is not always sustainable. I’ve been with firms that acquired many companies to grow their assets, underestimating the challenge of people integration. Sometimes best to remain decent sized but very good at what you do. Dont have to everything for everybody

(14) HR function is the most important unit you can have. It makes or breaks the organisation. Hiring, retaining, developing & learning should be forefront, not after thought. I’ve learnt my share of this along the way

(15) Prepare well for interviews. Know about the company, your interviewers and the job you’re going for. I’ve seen some outstanding but fair share of shockers (including one that brought mum for the interview). Nobody owes you anything. Take the initiative & research.

All this has been my observations over the years of being in fund management and running the business. Lots of mistakes made, but many things learnt.