MFG portfolio selection has been consistent from inception I...

MFG portfolio selection has been consistent from inception I think. They bought strong and very successful companies and they have stuck with those companies. They outperformed the index too up to beginning of Covid period.
MFG itself has no debt and have seen profits going up for almost every year.
Actually you can blame Hamish for being too conservative, when central banks and governments were throwing money as if there is no tomorrow.
Now the time is coming slowly to pay back this extra liquidity that was pumped over last 2 years. Jeremy Powell the Fed chair has completely changed his tune from not increasing the Fed rates till 2024, to increase 3,2,2 times over next 3 years and tapering too. Excess liquidity will be out of the system.
Which companies do well in this coming few years. ?companies and countries with serious debt binge will have to pay such high % of their revenue to service the debts. That will be the time conservative selection of stocks will come back to play. We have not reached interest raising stage yet. It will be Middle of next year. For sure MFG portfolio too will suffer, but at the end of the day they will better off than others. In the meantime their comparative performance will be less than others, but still very positive. I think people are talking a very short term view over last 2 year performance and basing their future expectations on wrong set of parameters.