Magellan and the vast majority, yes - one way to the knackers yard good riddance to bad rubbish.
PTM, jury's still out on that one - despite the knife.
In the US there is overvaluation peaking in speculative mania (2021) which has burst (2022) yet confidence returned with a flight to perceived safety (2023).
Hedging all the way up like the permabears is clearly a problem but ignoring the issue by being say 62% US in your MSCI index is also a problem.
Ann: Funds Under Management - August 2023, page-20
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