Ann: Sale of shares in Guzman y Gomez, page-18

It's actually quite amazing to think back on the press coverage when Magellan first took this stake. It was publicised as the next step in them becoming Australia's Berkshire Hathaway which was apt considering how much Hamish Douglass played up to the Warren Buffett comparison. It seemed at that point that they intended to eventually take over whole businesses completely outside of funds management. I find the fall of Magellan to be a pretty bizarre affair and one that is shrouded in a lot of mystery. The AFR often praised Douglass as one of our countries greatest investors and then ran numerous articles after his resignation talking about there always being underlying issues with him and red flags on personality tests etc. The main lesson I've taken out of this situation and also Platinum's recent struggles is that funds management is almost impossible to sustain a long term advantage in or even turnaround once momentum has been lost.