The S&P 500 Index fell 0.4% this week after five straight weekly gains. The benchmark, up almost 5% this year, is still hovering near records and that’s not too shabby. If you’ve missed out on the rally, or even worse bought a black swan ETF, take some solace in knowing that everyone makes mistakes.

We asked eight successful money managers to share their toughest investment lessons and how they bounced back. Pimco’s Bill Gross cites the dangers of leverage, while Abby Miller Levy, co-founder of Primetime Partners, says patience can be key.