Ann: PTM announces turnaround is required and underway, page-46

Back in the PTM glory days when Kerr Neilson was running the show, he was known as a master stock picker. And he was very, very good. You can literally count on one hand the fund managers that have this ability, its vanishingly small. Comparing Kerr to Andrew Clifford and Clay Smolinski is like comparing an Audi to a Toyota Corolla. They do not possess his skillset and lets call a spade a spade, they are just awful stock pickers, atrocious.

Why would you pay these guys performance fees as an investor for the privilege of them losing your money with their s$$t calls? But they're caught in a trap, the performance fees are what contributes to the PTM bottom line, and if they lower them then their underlying profit shrinks. And all this against a background of a steadily shrinking pool of FUM. The PTM business model is shot, and I would not go near the stock either.

It's just where we are in the life cycle of Managed Funds, the model was attractive 15-20 years ago, but it makes literally zero sense these days. I'm not giving you financial advice, but if you held a portfolio of low-cost (0.05% per annum) and broad spectrum ETFs and Index Funds, i.e. S&P500, ASX200, etc. your future self will thank you.

It's how I intend to build my retirement portfolio.