You nailed it.
See, these businesses rely on this very fickle thing called people. Once these people go, or are past their prime (hi Hamish), the whole business is effectively ruined.
A copper mine doesn't need a genius to run it. Once it's profitable, it's generally very profitable in perpetuity and the ebbs and flows are generally existential - commodity prices and regulation.
That's why Larry Fink from BlackRock is a genius, he built one mega funds management business with many active and passive capabilities so that one person's mistakes couldn't undo an organization's hard work. But all Australian investors see is dividends and are lured by good story - so they decided to go with Hamish.
Ann: Funds Under Management and Performance Fee Update - Dec 2022, page-71
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