Ann: Funds Under Management - April 2023, page-33

Man, that's what's important in life is enjoyment so don't let me kill your buzz I am mostly talking shit there may be some good stuff in there.

Very impressed by this presentation 45:00 minutes in where shock horror PTM talked to actual engineers who told them green hydrogen is nonsense and a scam which has been my immediate thought but it's very unusual and beneficial for a fund manager to do this kind of practical research.

https://www.platinum.com.au/Insights-Tools/The-Journal/2023-Investor-Presentation

I've taken a 4% of my portfolio position in PTM, like MarsC they take a more diversified approach than I do personally but that's probably appropriate for their clients and their marginal edge in any given position and I can use a touch of diversification.

I think being long China and short a little US tech bubble is good at this point, although I do think they've been dogmatic and a little sycophantic toward China their pain is my gain.

The trend to ETFs is a positive one but it's gone so far that I think the pendulum will start to swing back to real active managers of which there seem to be few left standing, mostly charlatans. Maybe long PTM short blackrock is a good all in texas hedge on a resurgence of value?

They engage well with their clients explaining their process and they'll earn their extortionate fee if they successfully side-step the decline and I think Andrew has maybe some fight left in him to prove he can do it outside the shadow of Kerr.

The clients who left in the bubble won't come back but new clients will join in as the U.S. bear market grinds the buy the dip mentality into dust.