you haven't lived until you have felt your stomach go
from your stomach into your feet. I'm Sallie Krawcheck
, Ceo and co founder of Allah Best. My
big money mistake was forgetting a central tenet of investing
which is to diversify, diversify, diversify. I
received equity and Citigroup when I worked there at a
senior level and I held onto it rather than selling
it and diversifying away from it and I held it
when it went from the low thirties to the mid
fifties and I held it when it went right on
back down Into the teens and single digits. The
reason I held onto the stock is because I was
loyal to the company and wanted to be seen as
loyal to the company and felt like it was the
right thing to do. I lost more than 80%
of my net worth the things that I had that
were correlated to the market, which was the Citigroup
stock equities in my portfolio to be Frank. My
job was related to the stock market as well.
The moment it became most real was the moment that
I happened to glance one morning at the tv in
my office and I saw this woman is about to
get fired. That's me. It was good because
it's almost as though I snapped out of a trance
then and said, why am I holding this Citigroup
stock? I still today see so many individuals who
having not sold their company stock when it was high
because who wants to pay taxes and I feel bullish
about my company and I have this insider perspective from
seeing the great product launch. We're about to have
a go from that to well now, it's too
late, and I'm going to wait until the stock
rebounds. And I say to all of them,
diversify, diversify, diversify. You aren't smarter than
the market.