Gundlach, Arnott, Marks, Grantham Reveal Their Hits And Misses

Star Investors Reveal Their Hits and Misses by Gregory Zuckerman, The Wall Street Journal

Even the superstars swing and miss. Much of the time, in fact. That is as true in investing as it is in baseball.

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Rob Arnott

HIT: In February 2000, after trailing the market for more than a year as investors bid up tech stocks, Rob Arnott’s research team at First Quadrant LP tweaked its investment model to reduce the emphasis on “value” stocks—those trading at a low price relative to their earnings—and increase exposure to surging tech shares.

About a month later, when he found out about the move, Mr. Arnott ordered the model returned to its original stance, sticking with the firm’s value orientation.

Jeremy Grantham

HIT:...