I don't think "anti-Hamish" is the right choice of words exactly, hell I used to invest in quite a few of the closed funds so he must have some redeeming qualities. You can't argue with the business success he has had and the wealth creation he has generated, so good on him. He also seems to have created a bit of an aura or even a cult of personality around himself which is all part of the slick Magellan marketing machine, but it has served him well for a long time.
I used to be 100% convinced in my investments with Magellan and would have laughed at anyone who suggested otherwise. So it was a painful yet enlightening experience when I began my journey of self-education into how these closed funds operate, and the almost statistical certainty that these funds cannot beat the market over the long-term. As far as the managed fund business model itself goes, it relies on a combination of investor apathy, ignorance and clever marketing to continually attract new inflows. If you believe the model still has relevance in today's World, you could well pick up some MFG on the cheap and do well out if it, and I wouldn't begrudge anyone who has this view.
I'm not one of those guys promoting that you throw your life savings and the kitchen sink at crypto either. I have a small, and I mean very small exposure to Ether, as I'm not convinced crypto is all it's cracked up to be, but it makes sense to have exposure to a small amount at least. The current generation of coins lack true versatility in terms of exorbitant transaction fees and the prodigious amount of time it takes to execute a transaction. I agree with you that today's front-runners like Bitcoin will in all likelihood be superceded by 2nd and 3rd generation coins, however in the meantime it is foolish to fully write-off an entire asset class.
I think Hamish fancies himself as a bit of a philanthroper at times, and if he lacks deep knowledge on subjects such as immunology, there's no reason to believe his views on crypto either.
MFG Price at posting:
$34.93 Sentiment: None Disclosure: Not Held
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