Ann: St James's Place Mandate, page-241

Off topic but in play is the issue of demographics.

All boomers had more opportunity to succeed than their parents, with better education, jobs for life, and the deregulation of financial markets in the 80s. Those born after 1975 or so, have had a much different and more difficult path.

I can't explain this global phenomenon any other way except sheer luck. Though life also gets in the way. Believe me, even boomers have had obstacles thrown at them, no path is without tribulation.

l would never deny the simple reality that when people had less access to credit and were forced to pay higher rates of interest, asset prices were soundly based relative to the risk free rate of capital.

Since 2000 with the risk free rate progessively moving to zero, asset prices have simply exploded. The fact that more of those assets were already held by older boomers gave them a free ride as they did not need to assume the massive debts younger people have had to take on. This is undeniable. It is also unsustainable.

When this everything bubble bursts, the playing field will even out as retired boomers will have no income whilst those that follow will be able to regroup and rebuild.

l know that may be small consolation but what comes around goes around. No person should be so arrogant as to assume they are immune from a market collapse.

l don't wish anyone here ill will. I call things as l have lived them. Respect for experience used to be a thing. In the public space that appears to be no longer true.

I really don't care except that l, like other experienced investors, attempt to make my contributions on all stocks l discuss educational, to assist those on their journey who want to learn from the lessons of others. If readers can take away a little lesson from each older poster, to save them from loss or alert them to a risk, we will have done our bit.

Arguing the toss, and calling black white as seems to have happened here, merely stokes frustration on all sides. I am over such things.

ln my world, investing is about making money and we all respected the different ways to do it.

Now it seems to be more about being right and crushing contradictory opinions.

On this point, l have made many errors but also learned a few things. I consider myself a reasonably successful investor, earning far more from my passive investment skills than from personal exertion of a lifetime.

l have held my stated managed investments for 26 years. A poster here suggested l have no persistence. That presumptuous view could not be further from the truth. My personal journey included personal bankruptcy from trusting a business partner 30 years ago. My then reputation and skills allowed me to start again, wiser and regrettably harsher for the experience. I have less tolerance for those unable to maintain an open mind to learning or their own deficiencies. We all have them.

But who cares. We are where we are today.

l believe the best active managers prove their worth in time. I have made my money. Others believe differently. That's OK.

l hope Magellan the listed entity, can hold their nerve and restore investor confidence. I have put new money on it, and a lot of it.

If l am wrong, it will not affect my life. If l am right, the same is true.

GLTASH.