MFG in the BUY zone, page-1000

I'm with you and bought some today. I expect some difficult months ahead, but I'd rather own the investment mgr than a passive fund of theirs, and MFG has been so expensive but is back to the sort of %of FUM that fund mgrs used to sell on. I assume the mkt expects further client losses and/or reduced margins tonretain them. While I can see some merit in that, the long term record remains excellent, they underperformed in a silly year where values got way out of wack and some concept stocks got to silly levels. I suspect the trustees of most of their insto accounts will see through that. Not sure how retailmadvisers will react, but those sorts of funds are generally very sticky, and there is a risk in chasing returns by switching fir switching sake,

Hamish Douglass seems genuine about his separation, and is the type of personality unlikely to ever retire while in good health. MFG have also aligned with a couple of the other best fund mgrs from the first two decades of this century in John Sevior and Matt Williams, so as a long term play I'm comfortable to "look through" the next 2 years, knowing that once performance fees cut back in it will look a lot better value, and in the meantime, decent dividends anyway supporting the valuation.