Ann: Sale of shares in Guzman y Gomez, page-19

Exactly right.

When you are hot, you are hot (and you start up a closed fund vehicle like a LIC/LIT and grab as much cash as possible...). Magellan did that quite nicely just before the downfall - trying to suck more people into the closed fund.

But when you lose it... it's just an army of Joe Aston's looking to tear you down.

Funny you bring up Platinum - I was only wondering the other day what their excuse will be for crap performance - now that growth/tech is collapsing. Clifford seems to always be searching for something. Lucky they still have those "since inception" figures still at the forefront. If you invested a millennia ago you might still be in front.

Makes you wonder why people invest in such a volatile industry, knowing it's almost a statistical certainty things will go south (wish I thought about that one a while ago).

I don't know why fund managers always try to play the Warren Buffet look alike game. Don't they realise he doesn't think much about what they do... he would rather put his hard earned into an index fund - than any fund run by an active manager.