I'm not sure what's going on in your mind here - you seem to...

I'm not sure what's going on in your mind here - you seem to really have been seduced by Hamish. You've fallen for the classic sales trap!

No investor should ever have all their eggs invested in one stock, one sector, or one fund. I never suggested that, and this situation is far more complex than making statements like "you either buy the argument or you don't?"

I am very well versed in global equities - it comprises the majority of my exposure - and I know each of Hamish's companies intimately and I know each of the top S&P 500, NASDAQ, and all the Dow companies intimately.

I don't invest in Magellan because I disagree with its exposures and the framework of the strategy. The moment I saw them going into China, I thought "this is not going to work out well" and I promptly sold off my MHG years ago. I also don't like Facebook because its business model is too enigmatic and I'm not convinced about how they can monetize the metaverse.

I don't like Starbucks because the coffee tastes like $hit and the company commits wage fraud by getting consumers to cover employees' wages via tips rather than paying them a living income. I also don't like low-margin/high-volume businesses where consumer preferences change every minute, so I disagree with stocks like McDonald's, YUM!, and so on.

I think the quality of Reckitt's products is inferior compared to brands like P&G, Church & Dwight, and J&J which I own directly. I think LVMH, although has performed well, is unreliable given it sells stuff people can live without. I don't need a handbag to survive COVID lockdowns, I need vaccines, food, and digital entertainment.

But what irks me is that Hamish chops and changes his portfolio on a whim's notice and that I have to pay him fees to hold my capital as cash. And if he does generate a bit of alpha, 15% of that goes as his performance fee, but if he underperforms, I don't get those fees back as a refund.

Does that seem... fair to you?

Lastly, why do I need Hamish when I can simply hold the S&P 500 which is very well diversified? I'll take 500 of America's leading companies any day of the week over any global equity fund manager. An ETF like IVV pays me 4 x reliable dividends each year and charges me less than 10 bps in fees. And as satellites, I own a good mix of high-growth and core essential businesses.

But you enjoy Hamish's narrative!