"When we first looked at Macquarie Bank in the early 90s, it was new and it had a very aggressive approach to investment banking and financial services," he says.
"The mistake that we made was that we didn't spend enough time researching and seeking to understand it."
Iafrate and his investment team at Amytage Private, which aims to buy stocks before the broader market cottons on, missed the boat.
And a failure to buy shares in Macquarie Bank meant they missed out on one of the market's biggest success stories of the past decade.
MBL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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