Ann: Funds Under Management - September 2023, page-115

You see a class act when you compare PTM to MFG? Really?

I see two complete duds which have utterly and miserably failed both shareholders and then investors. These are just giant fee collection shops that are adding no value to society. Their directors and portfolio managers are just collecting million-dollar-paydays on your dime, without even a scintilla of outperformance.

The finance industry in the context of all things asset management and broking is so fiercely competitive, with such low barriers to entry, that it should not even make anyone's investable universe. MFG and PTM cannot compete against the scale and fee pressure index managers (Vanguard etc.) are adding to the industry - every asset manager has to reduce fees.

Less fees + lower FUM = no business. Its deterioration from $80-something to $6 is reflecting that sadly.