Co-Founder, Chairman & CIO at Marshall Wace
My most severe career drawdown occurred during the 1990 Gulf War when I accumulated a massive long position in oil services equities ahead of military action. The subsequent market reaction severely damaged portfolio returns, teaching me a permanent lesson regarding the dangers of excessive single-theme concentration and the necessity of strict portfolio-level risk management.
This answer is part of a full interview with Sir Paul Marshall, Co-Founder, Chairman & CIO at Marshall Wace.
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