Is Platinum the worst international fund manager in Australia?, page-21

There is indeed an art (but not a science) to investing in fund managers, starting with the premise that none get it right all of the time, or wrong all of the time. They each enjoy periods of out performance and under performance within any cycle, relative to an index.

Presently they are all on the nose and priced for destruction. That is, in part, why I am particularly drawn to both PTM and MFG. Different beasts but tarred by the same brush. Investors are heading to the exits both in the management companies and the underlying funds. What a beautiful storm it is making and will continue to make for some time yet.

For me, I am fully invested but happy to add more over the next 3 -6 months under the right circumstances. Clearly, there are many here on the other side of that trade, which by definition, makes a market.

In a bigger market sense, I have used each rally over the last 6 months to build cash and reduce exposure to risk. Cash in my world, is an open ended option to buy when most are selling and few have capital. It has taken many decades to arrive at the comfort of not being "all in" either long or short in some vain belief that I can predict the future. I absolutely cannot, so I find I need to be ready for whatever the market delivers.

GLTASH