HM1's NTA-SP discount, page-6

Great post sloanrunner.

You are right about not being able to make this stuff up.

I am amazed at these supposed expert stockpickers who presented their top picks for the next 12 months, who knew they would only be held for that timeframe ( probably a big issue there ) and the results......you are right about not being able to make this stuff up. Did they just swing for the fences and seem to completely disregard good risk management processes. I realize markets can be volatile and just about every investor goes through a rough patch but for 83% of these top fundies picks lose more than 50% - you really have to question not only the stock picker risk management but also HM1 manager risk management process as well. While I welcomed the changes to the process for the conference picks in the future detailed by the manager, I wonder how could this risk management process only be brought in after a disaster. Coupled with the fact that that from the limted detail of the updates we have been given it seems they all are happy with their picks and didn't seem to operate any changes ( i.e. stop losses, selldown to buy pack cheaper or sell to buy another better proposition etc etc). very disappointing.

Or maybe these so called professionals are not much better than your average joe investor.

Rant over.....