Ann: Video update from Chief Investment Officer and Chairman, page-307

He's achieved that all at age 26 or 27, when he left a long and esteemed career in government policy to manage the hard-earned millions that daddy made. What a guy. In the meantime, many of us in our 20s were working our butts off, squirreling capital we could while dealing with competing demands, and building businesses.

Anyway, back to MFG, I know that some shareholders mentioned here that they took comfort in the fact that Hamish had ramped up his defensive holdings in his fund so that it's well-positioned for a future downturn.

However, defensive sectors in the S&P 500 - utilities, health, infra, and telecoms - make up ~33% of the index and tech makes up about 30%. The balance is spread across value sectors like industrials, resources, energy, etc. For <10 bps with a product like the Vanguard US Total Market ETF, you're fully invested in the market, get a mix of value, growth, and defense as opposed to paying Hamish 1%+ fees with no refunds for underperformance.

To rejuvenate his performance and get ahead of the index, Hamish has to play his cards to perfection each step of the way.

• Each of his 20-40 stocks have to significantly outperform the index
• He has to time markets to perfection, including maximizing his cash position before entering a bear market and becoming fully invested right at the bottom,
• He'll need to hope that whichever companies he picks up at the bottom are the fastest recovery plays

And that all assumes we have a significant drawdown. For all we know, growth will keep powering ahead and leaving strategies not skewed to tech behind.

The task ahead of him is colossal and the odds are against the MFG ship. GLHF to holders.