Ann: FASF Performance Announcement February 2024, page-9

eff knows.

He absolutely has to be taking this personally; being a good value investor is tied up in his sense of self, and this move represents a a step in the final recognition that he has had every opportunity over the course of well over a decade to build a good value-investing outfit, and all those efforts were a failure.

That's gotta hurt. And it is human nature to avoid confronting pain.

But he's got nobody to blame but himself. He made every important hire, and he chose popular gullibility over lonely cynicism in many of his investment decisions that subsequently went balls up. I empathise with him, but I don't sympathise.