As a former holder of some of the unlisted funds, l also started to see the writing on the wall late last year, coupled with a lot of self-education in the managed fund space. A lot of people just do not realise how much risk is involved in holding a concentrated portfolio of companies, and that the returns you may make generally will not compensate you for this risk.
Hamish's somewhat pompous dismissal of bitcoin started to confirm my belief that he was starting to believe his own hype a bit too much. He's never been a great stock picker imo, in fact you could argue he is even a very average stock picker. But he is definitely a master of self-promotion and slick marketing.
Ann: Funds Under Management - October 2021, page-103
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