I dont use charts and I am not calling for an end to the...

I dont use charts and I am not calling for an end to the downtrend or the price to go up. There's also no reason that outflows will stop while present market conditions continue.

I do think many market participants have confused a long US bull market with brains and they will suffer severe drawdowns. If that happens soon enough for PTM to retain enough funds for healthy survival then outflows will stop and eventually recover.

I base this view on recent podcasts from Jeremy Grantham whose GMO has seen similar previous events as well as historical PTM presentations.

PTM stands to benefit from the relative undervaluation of their book to peers in the active management space and from a swing back from passive to active management.

The broader funds management peers in Australia may look cheap on historical earnings but I believe many of them are a value trap. ETFs have fundamentally disrupted a lot of overpaid and useless fund managers.

So the market has its view on active management largely correct I don't say they're wrong on PTM or that I want to push a bull case. I'm interested in perceiving things as they are not taking a side as I have been bloviating at length in this forum.

I think Kerr had some remarkeable insights into the nature of investing and the way he's set up this team is even more impressive.
The best example of that is they do see themselves as fiduciaries taking responsibility for billions of dollars of OPM you can hear it as they talk.

I still don't understand their investment process or the business entirely I feel like I have enough of a rough idea of its shape to take a position.

Some big mistakes they've made is early focus on China, shorting all the way up in the 2010-2022 US bull market, yet not hedging the biotech fund in the bubble. These things have been headwinds but the wind is slowing and shifting to a tail wind that I think will be similarly long lasting.

But you do you, I'm not your fiduciary - if I see something to change my mind I will drop this like a hot potato in an instant without giving any warning.