Here's the hole in your argument (wrt @vic_wattle's prior...

Here's the hole in your argument (wrt @vic_wattle's prior post):

If you think as a business owner, then you seek to buy assets when they are cheap, as if the businesses were not listed on an exchange. If they were not listed on an exchange, then this would be seen as prudent. The passage of 10 years would mean very little (just as it would if you invested in real estate).

One of PTM's key competitive advantages, over the long term, is that they are able to think this way (to an exceptionally high degree for a large, high profile fund manager).

So when people come along (as many have been for a while now) and tell PTM that they shouldn't invest this way (because 10 years in a long time, damn it!) - you are asking PTM not to do what it is that adds value.

Kind of a problem...