Egyptian billionaire Naguib Sawiris says he lost about 500 million euros after making an investment decision while angry, describing the episode as one of the costliest mistakes of his career.
Sawiris recounted the loss in a television interview, saying he already owned a 10 stake in a company when he decided to buy an additional 10 without enough study after becoming upset with someone involved. He said the move coincided with a broader market downturn and the value was wiped out.
The businessman said the experience taught him a hard lesson about timing and judgment, adding that financial decisions should not be made in anger. He also said he had suffered other losses during his career because of overconfidence, and stressed the importance of calm thinking and careful calculations in investing.
