What is Liz Norman doing for her $1.5m a year that Andrew...

What is Liz Norman doing for her $1.5m a year that Andrew Clifford needs to be the one taking the AFR's calls and isn't prepared with a simple response.






"Concerns about the relative underperformance of our funds in recent years are fair and we have been adapting to them. Rather than focussing on the stock price or analyst reports we are focussed on delivering excellent returns to our clients going foward - we aren't content to rest on the laurels of our 28 year track record of 11.3% per annum compounded annual returns after fees in the International Fund and see the present outlook as very well suited to our style of investment."

The flip side of this is that Cathie Wood has as $7,500 price target on TSLA stock and is dumping it like it's hot, the fact that this is now being reported on is a massive shift in market sentiment. Many of the copy-cat stock promotes like Lordstown who saw how profitable fraud was for Elon have already gone bankrupt.





It's only a matter of time before panic sets in among the amateurs who have confused this bull market with brains and when they all try to rush the exit at once they will find the door is too small. Lots of leverage in the system will cause forced selling as well - not many managers are running 80% net long and only 110% gross exposure like PTM are in the international fund.