If there is one lesson markets can bestow on their followers, it's humility. Not even the world's most respected economists get every macro call right, nor do the world's market animals consistently pick only winning stocks. 

Getting things wrong, making mistakes, and replaying these (often) haunting moments in our heads is intrinsically human. But admitting when we get it wrong, and learning from these mistakes, is a particularly admirable skill. 

At the outset of 2023, many predicted we would see a recession during the year. Equities, these market oracles warned, would tumble to fresh, painful lows. That, as we now know, has not happened. Instead, a handful of stocks have helped the S&P 500 push around 24% higher, while the ASX 200 is looking like it may end 2023 with close to double-digit gains.  

It's fair to say then that investors, both professional and punter alike, would have made a few mistakes throughout the year. This anonymous writer sure has. 

So, in the first of our Outlook Series videos for 2024, 12 of the country's top fund managers candidly reveal the positions and macro calls that have contributed to many a sleepless night in 2023. Plus, they also share what they have learnt from these mistakes so that you can become a better investor yourself over the year ahead. 

Our featured fund managers include: 

• Emma Fisher, Airlie Funds Management 

Note: You can read an edited transcript below. These interviews were filmed on Tuesday 12 December 2023. 

https://www.livewiremarkets.com/wires/ouch-12-painful-calls-from-2023/