Ann: Funds Under Management - April 2023, page-123

I see these things in a similar way to you, I'd argue the reason they don't attract funds is that the market does not consist of rational participants today.

There is in my opinion a huge under-appreciation of risk and that's the reason punters have pulled their money from PTM with extreme prejudice in retaliation for their under performance against things like QQQ which are up 10x from the 2009 lows versus 4x for the international fund. As you say though it is exactly at the extremes like today that you want the hedge on as after the market breaks it's too late.

A lot of amateur investments are up 200x because they like Elon Musk and bought Tesla early over that time, they are confident in their skills and don't want to hear from any opposing view no matter how Andrew spins it. It's a fun game when you are winning & you can't break the gambling bug.

As I say, just my view squizz could be right and the market's just had a pause in 2022 and we will be off to the races soon.