I think we are over analysing MFG performance. Such a big underperformance happened only during one year and that was during Covid time.
You need to judge based on type stocks in the portfolio and what future holds for those companies.
MFG portfolio is top notched US base blue chips. Only ones that gave problems were two Chinese giants not due to performance, but political interferences.
As soon as we got out of the Covid cover, this portfolio is doing extremely well.
Warren Buffet never invested in high tech companies until very late in his career. There is no reason that this recipe is not going to work, investing in bread and butter markets. This strategy has been laid out from the beginning and it has work for them with 118B investments mainly in US. It also has the high growth trillion dollar companies from FAANG too.
We need to give time to come out of this Covid drama and watch the results.
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