Investing Advice from the Most Powerful Woman on Wall Street
Erika Taught Me
The Power of Diversification Over Stock Loyalty and Verbal Agreements
Failing to diversify investments led to financial losses in City stock when its value drastically fluctuated, highlighting the importance of not becoming too attached to a company's stock. Another costly mistake was relying on a verbal agreement at Bank of America, which backfired when the CEO retired, emphasizing the need for written contracts in business dealings. These experiences underscore the significance of diversification in investments and the necessity of formal agreements in professional relationships.
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