My first post warning investors about this company was at about $38. I had sold it for a slight profit but it was only a COVID trade. My "shock" factor about this company arose when I saw the performance reports and noted how far Magellan was behind its benchmark; having some understanding of the industry, I know that big super funds and adviser groups will pull their money if you're not at least close to the index.
Magellan wasn't close behind the index, it was practically last in the marathon and I knew the wolves would be circling eventually. What I didn't expect was how quickly it all happened when Joe Aston waged his personal war on HD and this company entered a static media storm.
I've actually gotten to go to Magellan functions and advisers hailed him as some god, the supposed "Warren Buffett" of Australia, and I became concerned about the level of key man risk involved.
To be honest the signs were all there, but I had the benefit of industry experience to see them clearly and ran for the hills. I kept posting about it but so many buyers were gung ho about the Supreme Leader and Magellan cult that I was ignored.
@uranium69 sadly I don't think you understand how this works. When markets rebound, obviously
most funds and investment returns will be up. But what is unlikely for Magellan is whether they will gain NEW MONIES/INFLOWS. If they continue to bleed money because investors are fed up with fees for no performance, then we are looking at continued desolation of this company.
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