Perhaps. I don't knock current management for what they have achieved in recent years. They have had to play the cards they were dealt. And lets face it, they are never great cards here.
The great gains that were achieved by buyers in 2014 were the result of the market assuming that FRM had somehow transformed itself into a wonderful business. This notion was clearly an illusion. So it was mainly about irrational shareholder expectations, rather than business fundamentals, and thus outside of management's control (in its extent), and not within the realms of any rational investor's assessment.
Don't get me wrong. Management have transformed the business. I agree. But not from poor to great. But rather from attrocious to bad.
In short, the gains were plain luck. To assume they will at some point be repeated, is to once again roll that dice.
In short, assuming buying at NTA "value", or a moderate discount to, will magically deliver riches, because ROE's will shoot sky high again, is to play with fire.
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