I'm not taking sides, pros and cons on both, but you're right. One example, last night on Your Money Your Call, Montgomery Fund CEO David Buckland said they had totally sold out of Vocus and Amcom while prices were high due to the merger but conceded that long term they/it would be a good investment. Both are shares they have been bullish about and promoted for a while now, especially Vocus, which would make them "long term, through the cycle, value investment". Montgomery Fund are traders, nothing wrong in that, which is why they employ the number of highly paid analysts they do, Warren Buffet style investors (which is the impression RM likes to give) they ain't, Soul Pattison probably comes closest to that.
PS Plenty of replays on Foxtel of YMYC for anyone who wants to watch, DB also gives a full explanation including dates, etc about why they got out AGI
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