Ann: Video update from Chief Investment Officer and Chairman, page-117

hamish cannot swing for the fences at this point.
his only opportunity to recapture alpha quickly will be a sharp bear market.
he will want the market down 30%, with a victory lap if his performance is down only 15%.
hence the sales pitch that clients stay with magellan, in what could be a turbulent 2022.
unfortunately for investors in the head-stock, such a bear market scenario will mean the stock would also be lower.
and if the market rips higher or his performance isnt good during the bear market period, its all over. next year is make or break.
i doubt most institutional clients will wait around to see what plays out, and will just take their money elsewhere where there is more certainty around team stability.