"Stock picking skills equals not running portfolios"
I'm not sure I fully understand the comment.
In my thinking, if a fund manager is a very good stock picker, it shouldn't really matter how they run their portfolio. For example, if they can pick 6 winners out of 10, provided they don't concentrate their portfolio on the losers, they should do well. The problem they've had is few if any winners. They've managed to hold a basket of losers (as unfair as that sounds). So no amount of portfolio management could've saved them this year.
I don't expect fund managers in small companies (with a few people in their team) to be macro experts across multiple industries. So not expecting them to add value from top down analysis, which leaves bottom up analysis.
FOR Price at posting:
$1.26 Sentiment: None Disclosure: Not Held
