You probably won't be surprised when I say that I sympathize with much there.
But here's a question. How confident are you that the new CEO isn't going to pull the rug out from under PTM just as the "market cycle turns"? It would be rather ironic (tragically so) if years of underperfomance (fortitude?) culminates in a final-nail-in-the-coffin delivered via "style drift" just as yesterday's approach starts bearing fruit.
Yes, the new CEO says that the investing ethos won't change. But how is this consistent with demoting Clifford? For that matter, how much confidence can we have that the CEO's background and investment knowledge even empowers him to understand PTM's method & mindset, much less to sustain it in the face of a commitment to "turn things around"?
These are genuine questions which I ask without my tongue in my cheek. I genuinely do not know the answers.
All in all, much as I agree with many of your sentiments, I'm much less certain that this cannot go to zero. Ultimately, fund flows will drive outcomes. And changing method (if that's what's coming), just as the remaining unit holders are increasingly die hards that believe in the old PTM, is a very risky manner in which to hold onto FUMs.
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