Mundy: My biggest investment mistake

Investec Asset Management's Alastair Mundy has revealed buying JJB Sports five years ago was the biggest mistake of his investment career.

At the Morningstar Investment Conference yesterday Mundy (pictured) said fund managers can afford to make mistakes sometimes but this one is especially prominent for him. "My worst mistake was investing in JJB Sports about five or six years ago. It looked good at the time it had plans to roll out health clubs, introduce more big brands in-store and start paying a dividend. "We just thought it was a bit down on its luck in terms of share price," Mundy said. However, the UK Special Situations and Cautious Managed fund manager did have concerns about the amount of money the firm was s...