Ann: REH - ASX Announcement Equity Raise, page-38

"Reproduce your graph for the last 20 years please."

And how will that alter the fact that the manager in question under-performed its benchmark for the latter half of that period?

Remember "... no one can show me any "market timers" who are able to do so successfully on any sustainable basis."?

"Sustainable" is the operative word... anyone can go through purple patches for several years (in fact, most investment managers do); but to do it on a sustainable basis is the real criterion.

(PS. This is off-topic in relation to the REH thread, so out of consideration for Reece followers, I've replicated this post on the Economics thread, if further discussion is desired)