Your first point isn't true. There were numerous gossipy...

Your first point isn't true. There were numerous gossipy articles suggesting a nasty divorce, I read several in the AFR and elsewhere. The impassioned statement that they have never sold nor intend to sell any shares was one of the few solid facts I appreciated out of the vid.

Unfortunately, I tend to agree on your other points. This was primarily a promo. He glossed over Cairns and the supposedly instantaneous SJP departure. I also find it weird how they address the fears of fund customers but not shareholders.

'Conservative investors sleep well at night'. Not if you invested in MFG in the last 2 years. The fact remains that bleating on about a 9% return is not good enough when that performance has caused permanent capital loss for a lot of people. The way I see it, due to the China foray and now a supposed 30% chance of an omicron crash, MFG remained 'defensive' and delivered a +60% loss for shareholders.

At face value I agree with their defensive market analysis but it's starting to sound like rhetoric. It amounts to 'look over there at omicron and inflation while we underperform the benchmark consistantly'. What gets me is even if omicron (or a later variant) does cause a market downturn the MFG SP will surely drop with the rest of the market from current dismal levels. Best case from there all I can see is a slow painful climb back into profitability as FUM increases and fee pressure abates... Not exactly vindication for shareholders who were trying to go 'defensive'.

I'm starting to worry that HD is more hubris than insight. Time will tell, hope I'm wrong.