Can I be clear to all readers of this post: if we have a tech...

Can I be clear to all readers of this post: if we have a tech equity meltdown event, the theory that the impact on MFG "will be less than index or other funds" is at best speculation and massively unfounded.

Magellan's tech exposure is actually 47%. Payments (Visa, Mastercard), IT (Meta, Microsoft), Netflix (Internet & e-commerce) add up to nearly half of Magellan's portfolio. These are companies on P/Es of 23 to 50 and above.

And if the tech doomsayers here are saying that Omicron will bring about another wipeout, one could argue restaurants and consumer discretionary stocks will underperform in an environment of significant public health restrictions, so Magellan's portfolio looks even riskier with technology and COVID-impacted food stocks currently on elevated valuations. This also doesn't account for any adverse events that could impact any one of the holdings in MFG's portfolio, like say Visa being disrupted: https://markets.*.com/news/currencies/chamath-palihapitiya-visa-mastercard-biggest-losers-2022-web3-crypto-altcoin-2021-12




Suddenly the S&P 500 is looking even more attractive to me in such an environment...