I've owned 6 figures of the stock since it was roughly $10 and...

I've owned 6 figures of the stock since it was roughly $10 and virtually sold none until in the last 6 months.

The crypto opinions you've stated are virtually complete nonsense and you're clearly not going to be convinced so I won't bother.

In terms of looking at this as a long term hold, there's a speculative angle to a stock in which price is referenced to both performance of the underlying funds but also the inflows and outflows. If the fund cannot repeat outperformance in the long term when it is charging 1%+ fees, then there is a SEVERE risk of outflows such that the stock is no longer a value play, it becomes a high risk/high reward speculative bet. In my opinion that is what the stock is currently. If Hamish cannot point this ship towards stable outperformance over the index in the next year or two (and do so over extended periods) and show in a future downturn that he has the ability to thrive during periods of high volatility, then there's absolutely zero reason to offer an actively managed fund. Stick to being a Boglehead and acknowledge you're no better than the market.

Do you think Hamish after a 20% underperformance can consistently outperform 2-3% over the next decade? If he can't, the fund has no value. Whether or not that answer is a yes or no currently looks like speculation when the company has failed miserably over the last 18 months.

Even on the last 3 months, further severe underperformance. Not only that, but negative returns in MFG funds and positive in the index.

To emphasise it further, part of the attraction of an actively managed fund is they (as MFG do) purport to offer security in a downturn for protection of capital. We had a severe market event last year and they failed to do this. As I said, they collected all of the downside that the index did, and received none of the upside. They did not move to a more defensive position until the damage had already been done, and they didn't move to a more aggressive position during the recovery. A managed fund that wants to exist and thrive over the long term can't do this or it offers no value.