Byron Wien was an "average portfolio manager" at Morgan Stanley when he was offered the job of investment strategist, he says in this week's "Masters in Business" podcast.
He was told, "You are the only man for this job." Only he wasn't -- he was actually the seventh person offered the position. Many of Wien's friends advised him to turn it down because the investment strategist position at a retail firm is a thankless role with limited upside and the constant opportunity to be identified as wrong. Wien turned away such advice, thinking, "I am good as a portfolio manager, but I will never be great." As an investment strategist, however, Wien thought he could be "world class."