Brandywine extends mortgage investment strategy

David Hoffman, managing director at Philadelphia-based Brandywine Global Investment Management, is a fixed-income investor. He discusses how opportunities are evolving post-crisis.Did you make any asset-allocation mistakes during the past year? Hoffman: We didn't own the yen. We didn't believe enough in the risk aversion story. We had sold off currencies like the Australian dollar in time, but that was for valuation purposes, not because we were predicting Lehman Brothers was about t…