Ann: Forager March 2020 Quarterly Report, page-23

Hi grabeach. You make a great point.
I think though fund managers (or even retail investors who dedicating time to this "craft") can add value over the long term if they
1) stick to what they know (i.e. specialise and have a core philosophy)
2) avoid permanent capital losses (i.e. manage risk with portolio sizing)
3) build a cultutally aligned team (i.e. avoid drtifting away from 1 and 2)
Forager imo has failed on all these aspects by:
1) Adventuring internationally, chasing oil stocks, retailers, and now quality growth stocks etc
2) Losing big chunks of capital on bad ideas such as TGA, FIG, MRM etc
3) Not being able to retain/grow a second generation of analysts. It remains a one man band with high staff turnover.