Ann: St James's Place Mandate, page-261

It is a long-term view and a good entry point IMO. The ultimate prize is long-term yield in retirement where you don't need to do too much reworking of capital.

Markets have been irrational the last few years. I'm not saying this will change for sure but it's now or never that value investing emerges again. Until now, an etf provided the best growth basically because there was so much money in the system it pushed the price of everything up. Given many growth forecasts are collapsing before our eyes on the back of rising interest rates and eye-watering valuations for tech, surely it means a manager with a keen eye for value will outperform the market index. If I am right, FUM will rise substantially both in asset growth and attraction of new investment capital.

HD's global fund isn't doing too bad this week considering the Face chuck 25% selloff compared to the Vanguard all world. It probably isn't the pivot point but might be close. I still stand that MFG will sell down to $15 - $17 and I will be there to buy them.