Couldn't agree more.And by the way, I'm not anti-Magellan or...

Couldn't agree more.

And by the way, I'm not anti-Magellan or have an agenda or anything here. I invested in some of Magellan's strategies till I was educated to figure it all myself without paying the fees and achieving better returns than Hamish. They were good to me while it lasted.

But investing in Magellan's stock? Active managers have a finite amount of good performance and eventually, each one fades after their time in the sun. It's just like cricket - once you're 30-something you're pretty much done. The mind and body don't work at the very peak that they need to in order to put on a gold medal-winning performance.

From here, Magellan will go the way of pure-play managers like Platinum and Franklin Resources: a slow and steady bleeding of FUM and largely disinterested advisers/investors keeping their money in. This will largely be a stock that provides a declining stream of dividends in conjunction with a falling stock price as a result of lower FUM - a vicious cycle and akin to the cold microwaved dinner analogy Joe Aston has alluded to.