Arguements about compliance / non-compliance sound pretty rife in the industry. Outperformance and/or being an outlier are definitely going to attract more scrutiny.
Everyone has to make their own decision in regards to risk and what they are comfortable with.
For me HML gives me acesss to opportunities that I couldnt achieve on my own. I don't mind they do things that are slightly unconventional, in fact I expect it.
That said it's only one limb of the portfolio.
HML Price at posting:
$1.99 Sentiment: Buy Disclosure: Held