Fair points. But you seem to be having a shot at shareholders...

Fair points. But you seem to be having a shot at shareholders for holding a long term dog, even though you are not a holder. At the end of the day, everyone makes mistakes and no one is 100% correct. How much longer will value investing be on the nose? Perhaps it’s dead forever - who knows. But in a market pumped up with ultra low rates and MMT with benign economic conditions, it would be tough to not be diversified.

I can think of way worse listed fundies. K2M comes to mind. Platinum’s share price has gone nowhere over the long term since it listed. Not surprising since its FUM has gone nowhere as well.

Then there’s the structural issues, lack of “innovation”, big bets on a dog of an Asian market, and the other things you mentioned. Not sure if their distribution team does anything? Which advisors still push Platinum’s products? It’s funds still make investors money, unlike it’s shares. Share prices can correct - have a look at MFG a much better business with better fund performance but share price has lost value over a number of years.

At the end of the day perhaps Platinum’s current listing is for the sole benefit of funding Kerr Neilson’s retirement.