A perfect example are media companies that collapsed in 2008.
But by the time he became aware, it was too late.
“We wish we had figured it out a year before,” said Rogers. “We did get rid of those names eventually and then moved into some of our favorites that had gotten clobbered like leisure company Royal Caribbean and real estate services companies, such as Jones Lang Lasalle and CB Richard Ellis.”
According to Rogers, during the crash, investors thought real estate services were worthless. “They ended up being the most extraordinary winners," he said. The same can be said for Rogers and his Ariel Investments mutual fund firm.
When it comes to making mistakes Rogers cited the observation of NBA superstar Michael Jordan, who he once publicly defeated in a one-on-game during a 2003 charity basketball tournament. Whether it's an investment or a basketball shot, one can't let a past mistake instill fear from taking the next shot at the buzzer or making another investment decision under pressure.