Robert McIver, managing director at Jensen Investment Management and a portfolio manager of the $5 billion Jensen Quality Growth mutual fund, says that the best piece of financial advice he ever received was to not borrow too much money. “You’ve got to be able to manage your debts,” says McIver. “If you can pay cash for your products, it’s much better to do that than to borrow.” McIver, the father of three daughters, tries to teach them the same.
His biggest mistake was overestimating his ability as a stockpicker. “The worst thing happened to me,” says McIver. “I made money on the first trade.”