Ann: Funds Under Management - April 2023, page-86

That'd be super painful for other people to listen to, no-one wants to hear us skite about stocks.

Y'all aren't stupid but markets are difficult.

Plenty of times I am early on a stock and have to grind at work and eat my cheap porridge so I can dump extra into stocks but that's part of the fun.

I'll swoop in after smart people like yourselves have taken a beating on your reasonable investment thesis and sometimes I'll be early also and take the pain.

No need to kick or congratulate yourself too much though we all do it.

I don't think the "retail" in PTM are nearly as silly as the "pros" would have you believe.

If you are just looking at the numbers, the contiuned outflows then I understand why you'd think it's a legacy business but you'd be missing the heart of what they do which is serve their clients best interests even when it's difficult and causes outflows.

That's a breath of fresh air in an industry that is often predatory on it's clients.

In contradistinction to PTM there are a number of legacy predatory companies in finance, such as those the Royal Commission rightly stomped on.

AMP's fees to dead clients hit them hard (although at $1 it was cheap if they break it up into spare parts), Cash Converters gave predatory loans to the extremely poor people, I didn't really look at the others some repulsive stuff at the big banks too.

Coinbase sold shitcoins, Robin hood sells short term options and front runs it's clients. These are legacy businesses because when the client takes heroic losses they'll stop doing business with you.

(waiting for regulatory action is a painful short thesis).

Cathie Woods' ARKK fund had spectacular outperformance then collapsed - she got max fees though.

The bear argument on PTM is they underperformed during a heroic bull market trying to keep their clients money safe. Seems comparatively weak.