My sympathy for Mr. Douglass.Unfortunately, I suspect this is...

My sympathy for Mr. Douglass.

Unfortunately, I suspect this is going to get worse.

1) Research houses despise personnel instability and will likely downgrade the Magellan strategy leading to termination of mandates by advisers, super funds, and institutional investors. Google today's AFR article "Magellan is reeling and the pain’s not over" for the commentary regarding the beforementioned.

2) The other swan hovering around (and it looks black) will be Russia invading Ukraine: https://www.cnbc.com/2022/02/02/ukraine-warns-of-full-scale-war-and-tragedy-in-europe-if-russia-attacks.html

You can bet your bottom dollar that growth, high P/E, and companies with questionable prospects will be dumped from the skyscrapers. Magellan is sadly in a double-whammy position where it invests in a large number of growth stocks and its own underlying business sadly has far too much uncertainty about it. I feel that 2 will feed on 1 - those large investors will likely exit their investments in weaker performers in a flight to safety.

GL to those sticking it out, I envy your courage.