Ann: Video update from Chief Investment Officer and Chairman, page-5

This is spot on. They've made some mistakes and Hamish is being punished for not bending to the whims of investors who have made extraordinary returns recently during the most accomodative monetary policy period in history.

Millions of new investors have entered the market since Covid and think Cathie Wood's approach is the future of funds management.

Sadly many new investors will get wiped out over the next 3 years and never return to the market.

MFG is well positioned to protect downside risk which will be the game moving forward. It's no coincidence that AGL and utilities are performing well this past month. They are being accumulated by pros in anticipation of enormous market turbulence in the near term. All imho of course