Stokes, Grounds liken returning co-founder Chris Mackay to Warren Buffett.” AFR, page-3

Of course Chris is like minded to Hamish.

I believe it is important that the DNA that put Magellan into the powerhouse it is, is not thrown away just for the sake of change or appeasing to fashion of the day - 100% risk on. Dumb!

A fund manager, charged with the responsibility of managing other people's money should invest with conviction.

If Magellan adheres to their 9% absolute return objective, I for one could not give a hoot what a an index generates. Relative performance means nothing, absolute performance means everything when a person is living off their capital.

If that approach does not match the objectives of the investor, then quite frankly, they should never have invested in Magellan in the first place.

It is hard to believe in this modern world how much "common sense" is no longer common. Many posters on these threads will be taught a lesson or two in the not too distant future that I hope shakes the relative complacency out of them.

To all holders.....know thyself. If you invested to engage the skills of managers, stay put. If you invested to beat an index, get the hell out and follow the crowd into your favourite index fund.

GLTASH