Ann: Funds Under Management Update, page-59

lol i think the mistake many are making is that lost FUM will not make a recovery for years to come.

With so many years of under performance, and higher than industry average fees, their marketing department will have a tough job selling their products. Each client lost, will not be easily replaced for years to come.

2022 was supposed to be the year of recovery, but they are still under performing, and why are they under performing, because 'quality' is now under performing the market. Their funds have minimal exposure to energy, agriculture etc and the whole market is over weight 'quality'.

The index funds because of their very nature, still have exposure to these sectors that have out performed in 2022. And hence the index funds will continue to show outperformance against MFG funds.

So without that recovery of FUM their will be no earnings increase.

Plenty of people have been using these same arguments that MFG is cheap at $30, $20, $15. Eventually one of you guys will be correct, in the mean time, plenty of people before you saying 'cheap' will have blown up their capital. Why? do you really think those guys who bought 'cheap' at $30 are going to see the return of their capital anytime soon???

But lol, I am a non-holder (was a holder), so what do I know right

What I do know is that I sleep peacefully on this, because my capital is not at risk.