Investment Lessons From Your Dog

I gained a reputation of being a contrarian investor after selling out of my income trust positions in mid-2006. This was right in the heat of the income trust bubble, where conservative investors were buying these securities and, at the time, earning 8-10% yields plus significant capital appreciation. At the time, nobody seemed to be aware of the risk associated with these vehicles. I lost a client in the summer of 2006 because I insisted she keep the bonds that I had bought for her...