I writing a topical email every week to my mailing list. Here’s our last email to subscribers which I thought I share.

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Investors often focus on investing returns which is easy enough to understand. At the same time, experience has taught me that the biggest impediment to long term returns are catastrophic losses and improper position sizing.

Examples in the last few years are common enough – from Hyflux perpetuals to Oil & Gas bonds. These problems become fatal when concentrated positions are taken inadvertently.

It is important to start off by differentiating between scams and investments that simply did not turn out well.

There is always an inherent risk in investing in businesses as not all decisions pan out as initially conceived.

Let’s take the example of high yielding