The bull market inflated a lot of bank accounts and egos. But after a drop of more than 3,000 points in the Nasdaq, bond funds and humility are back in style. Both professional and amateur investors are now trying to learn from their mistakes and avoid repeating them. Last week, three well-known mutual fund managers
shared a few important lessons they learned or remembered during the market's fall. This week, several readers pass on their own errors and epiphanies. Live and learn. John Lemandri ticks off the lessons he learned like items on a grocery list: Use multiple sources of information. Don't fall in love with a company. Rebalance regularly. Only invest what you can afford to lose. In all, Lemandri came up with a roster of 12 rules to invest by. But his education came at an enormous cost. "I made and lost $2.6 million in three years," he writes. Part of the problem, he admits, was too much trading. "You should keep the number of trades reasonable, or your broker and not you will make the greatest gains."