On this issue Magellan will do just fine.
Right now the market is recycling.
Magellan's primary risk is that it holds potentially expensive quality stocks, in a macro market that is undergoing structural change.
Given a long enough time frame, those 'potentially expensive' quality stocks will recover as their underlying business moats allow for long term earnings growth.
But for me their GARP doesn't stack.
So what does this mean for Magellan, their stock portfolio technique could still under perform. Maybe yes, maybe no.
But like you, I have been positioning in and out based on share price relative to updated fundamentals.
So whilst Lost keeps bleating implicant 'sell' regardless of share price. I use both. Hence my relaxation with positions.
(and also with reference to hedging on my other positions in the portfolio, which I have mentioned previously.
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