Don’t disagree with you. The tables speak for themselves. I...

Don’t disagree with you. The tables speak for themselves.

I certainly wasn’t trying to put a positive spin on MFG - the clock is in fact based on my own dismal experience with MFG. I maintain a small holding that doesn’t move the needle much anymore. Right now I’d be more likely to invest in GQG than MFG.

I was simply pointing out to that poster (who was clearly rejoicing in MFGs latest FUM figures) that companies that make their money out of clipping the ticket on managed funds are at the mercy of the cycle.

Eventually they’ll make some bad calls and investors will jump off and seek better returns somewhere else.

Despite what your historical tables say the reality is that the market has marked down GQG from $1.73 to $1.28 in the past month .....so you’re putting that down to exchange rates and particular stock selections etc. I’m just questioning whether at least part of the reason is because in the eyes of the market GQG has moved to a new part of the cycle.