Denver money manager Tom Marsico played the 1990s mutual fund bubble perfectly.
He delivered 20%-plus returns to investors at Janus mutual funds. He left the firm in 1997 and started his own namesake mutual fund company.
He then sold the company he built in less than three years to Bank of America for $1 billion, and continued to work there, racking up respectable gains for his investors, as always.
But Marsico made the biggest leveraged bet of his life just before the mortgage bubble popped. In 2007, he bought back his firm from Bank of America for about $2.5 billion.
Why was he so right in the late 1990s and early 2000s, and so wrong in 2007?
Marsico has an answer.
Click here to read it in my column.