For the record the Ark ETF has more than tripled in 5 years,...

For the record the Ark ETF has more than tripled in 5 years, well outperforming the index and at one point was more than six times up. Sure they had a shocker of a year but they're incredibly aggressive in terms of focusing on best case scenario growth stories in a market that for a long while supported this.

In the case of Magellan their focus for a long period was in developing various offshoots of the main fund in the form of ETFs that ultimately have performed poorly because of 2020-2021. At least Ark though volatile has crushed any index at various stages and the fact is that monetary policy has accommodated funds like this. Not that I'd invest in Ark but considering how far they have slumped I'd be more inclined to look here than I would for Magellan for which I'm sceptical of achieving outperformance after fees and feel I am likely to do much better myself or in a fund like Hyperion.

If you have an issue with the state of monetary policy you'd be a clown not to understand the appeal of crypto at least with reference to an alternative to gold.

The above poster clearly referring to me and offering scepticism of short term wave riding gains over long term investing is absolutely sensible, but to be clear Hamish has grossly underperformed after fees the index over the long term, seven years IS the long term.

Not to mention the decision to drastically increase cash allocation is what specifically offends me, no one is asking Hamish to transition from a value investor to a picker of meme stocks, they're asking for sensible long term decisions based on the current macro environment. As an example, instead of cash why would have Costco not been an absolutely apt defensive option over the past two years? And why is a fund where people pride themselves for their defensive attributes investing in a country like China that has an authoritarian government carries clear regulatory risks that don't exist in any Western nation? The excuses don't actually add up. Cash is a handicap against an index and investors shouldn't be paying for a fund to hold significant amounts for more than extremely short periods.