Ann: St James's Place Mandate, page-232

On a side note, whilst we are attacking alternative view points that don't align with our beliefs.

I would have thought someone so devoted to Magellan and Platinum would understand the important concept of persistence.

Considering both managers are the epitome of failing to outperform for significant periods.

Every active manager has their day - you can always tell by the influx of new products to market - especially those juicy closed funds and that sweet smell of closed capital to collect fees.

Advising someone to bet on a 4 to 1 loser is not logical.

You can hate passive funds for a number of reasons, such as deterioration of price discovery, but you can't refute the facts.

I am not even an ardent supporter on index investing. I have Magellan funds FFS.

But I am not inclined to reject hard facts that any person can research if they cared.