Fund managers practice art of apology

11/2/2008 | Washington Post, The

It's not easy being sorry. Citigroup equity strategist Tobias M. Levkovich titled a recent report "Eating Humble Pie," but look how he worked in a subtle defense: "Admitting to being wrong is often one of the more difficult tasks for people, as human nature involves some level of stubbornness, especially since the prior analytical work seemed logical and thorough," he wrote. But "with hindsight and experience, we have to concede that some of the assumptions we made late last year have proven to be deeply flawed."

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