Ann: Funds Under Management - April 2024, page-17

I think the important thing is to have the humility to acknowledgte that there are widely divergent possibilities here - rather than picking a position as you might pick a footy team. There's every possiblity that "the cycle" is finally turning (yes, it's been a long long long "cycle", and I've said it before) and that if that continues yesterday's laggards will become the new leaders. Yes, this is important. Very important. This is what I think you are alluding to. But it's not a certainty.

And to those that say "this can't go to zero" - remember, there was even less reason to think so in 2015. But to anyone buying then, today's outcome is essentially as good as zero.