After significantly outperforming the MSCI for the last 1,2 and 3 years, the closed minded ferral mob will call white, black.
You gotta love free markets and the plethora of information on the internet (trie and fake), let loose on narrow minded narrative based investors, who more than likely would not have a clue what happened in markets in 1974 or 1982 or 1987 or 2002 or 2008.
As a fund manager with BT in the 1980 and PTM from the mid 90's, Kerr and his crew have delivered me OVER 20x returns in the last 28 years, without doing a thing. Bacjk in the day, no one could invest overseas except the pros. Even today, I leave it to them since I don't have the time or desire to want to know about overseas taxes, trading during the night, currency conversions and accounts that are not based on Australian Accounting Standards.
PTM funds are fundamental value based (investments) that do not perform well in momentum based growth/speculative environments like the post COVID mania. That is a fact.
Did these managers underperform in 1986 at BT? Yep. Then as PTM in 2000 and 2001? Yep. 2006 and 2007? Yep. 2020 and 2021? Yep. At each cyclical peak they looked like mugs, until the real mugs lost their pants. That's when investors with cash move in to pick on the bones of overlooked "old economy" businesses that actually make money.
I don't particularly like their Chinese bent, but I do like their ex US preference for stocks. What on earth do I know about ZTO/Microchip/Minnebea, Ping An or UPM-Kymmene? Zip. That's not my playground.
As for the current price at sub $1.70 yesterday. Any one here who has followed my posts will know I got very excited. I don't want dividends as I don't need them, but a truckload is coming my way on Friday, so I can top up my cash levels again.
I don't mind that my experience has not been enjoyed by johnny cum-lately's, just as I would never deny them their any success in whatever they do. However, when those same people yell down and disredit and pretend to know more than the history, the institutions and the very system that permits them to enjoy prosperity, I get a little annoyed.
Children, and you all know who you are, please go away and leave the adults to do what they do best.
In my opinion, PTM will not be an independantly listed entity within 3 years. Nor will it ever be bought, for less than a 30% premium to the current price. Unlike other load posters, I can wait that long or even longer, if I need to.
GLTASH
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