Wise words Jack. I've also been studying fund managers and...

Wise words Jack. I've also been studying fund managers and reading their reports for decades. The trick (for us punters) is selecting the right Active Manager at the right point in the (out-performance) cycle. Which means for me, there is no set and forget. All else being equal, I also prefer small size funds that are in the early years of building performance, rather than very large FUM funds which can be so big, that it takes very large bets just to move the needle.
I've held PTM in the past. The SP is now hitting all time lows. This is a simple business to understand. At some point the worm will turn. Unless of course both Kerr and Andrew leave.