What I learnt after investing in every new fund

Summary: I told myself I was diversifying. I was collecting funds the way people collect souvenirs—each one logical in isolation, none of them part of a plan. The market correction that followed made the difference between a portfolio and a strategy uncomfortably clear.

Summary: I told myself I was diversifying. I was collecting funds the way people collect souvenirs—each one logical in isolation, none of them part of a plan. The market correction that followed made the difference between a portfolio and a strategy uncomfortably clear. When I began investing, new fund launches fascinated me. Every month seemed to bring a fresh offering with a compelling story. A new theme, a clever strategy or a sector expected to see growth potential. I told myself I was diversifying. In reality, I was collecting funds the way people collect souvenirs. If a fund was linked to a fast-growing sector, I wanted it. If a strategy promised to capture the ne