Fund managers, page-211

@lost
Well done with your (selll) call on Magellan, when it was much higher.
Really interesting story as it is a good reminder on how things can move fast in this sector, while we often expect them to have rather sticky revenues.
Honestly, I thought that Hamish was quite good at reading the market for a long time, by focusing initially on defensive and then on mega tech.
For me, the main lesson is that the market is now too tough to focus on just one strong topic (like MFG did for a long time with tech).

It remains really difficult to be a successful fund manager on a regular basis.
Some elements which can probably help : to have multiple strategies, to be diversified in term of asset classes and not to hesitate to switch when the market changes.
PNI and GQG seem to have some of these attributes.

I remain surprised that there is no more consolidation in the fund management industry.
Prices of some fund managers have decreased significantly, while we know that synergies can be significant in this sector.