Over the last two weeks, Mike and Daniel have pitched respective long ideas. This week, we looked backward at mistakes we've made in our investing careers. The theory goes that your investing mistakes also amount to your investing tuition, and that true wisdom is learning from others' mistakes, rather than your own. I can only hope there's something for you as listeners to learn from our mistakes, as broken down on today's podcast.The investments in question date to 2016 and 2017. Mike went long on Gilead Sciences (GILD) based on their scientific prowess and low multiple, and even as his thesis sailed on him with Gilead's acquisition of Kite Biopharma, he couldn't find the exit door. Daniel went long Uniti Group (UNIT), even having concerns about its failure to cover its dividend and what the huge yield portended, let alone the binary risk that was introduced into the stock. We hope there are lessons to be learned from our mistakes.Topics Covered

4:00 - Mike's bad choice - Gilead Sciences (GILD)

6:00 - What was compelling about GILD?

10:45 - At the time of purchase, did you have any concerns?

14:30 - How did the investment play out?

18:30 - When did you realize it wasn't working?

25:00 - What are the lessons learned?

28:00 - Daniel's bad choice - Uniti Group (UNIT)

29:30 - What was your thesis?

38:00 - Specific downside concerns

41:00 - When did you realize it wasn't going well?

55:30 - What lessons did you learn?