At the end of the day the performance is horrendous. You want to...

At the end of the day the performance is horrendous.

You want to talk about long term investing? Well Hamish dunked a DECADE of solid outperformance for investors underwater in a single year. After fees you not only underperformed, but you paid 20%+ over a decade for it.

Now its possible to come back from a mistake such as this in the future, but in the present to emphasise again, if you invested long term in the global fund up until now you will have underperformed a basic index and done so with industry top end fees and yearly outperformance fees.

The talk of a defensive allocation to protect capital is bullsh1t and needs to be apologised for. As I mentioned before, they reacted late to COVID in 2020, took all of the downside and managed to collect none of the upside because of the approach subsequent. Defensive is foreseeing negative and reacting in a way that mitigates permanent capital loss. Hamish CREATED permanent capital loss in reference to the index.

Is the stock itself cheap? Maybe. Even a year of 2-3% outperformance makes this a $60 stock in my opinion, but buying stocks under authoritarian dictatorships, 10-15% in cash and focusing on minimising volatility isn't going to cut it.

If you are an active fund management company and you can't outperform the market consistently, you don't have a business model. Its that simple.

And to be blunt, if you can't see why people are panicking after a SEVENTEEN PERCENT yearly underperformance next to the index while the CEO is jumping ship and the fund manager is in the midst of a divorce, well you've probably got bigger problems than whatever the future of this stock is, even wiping ones ass could be crisis at that point.