Media Updates, page-1796

Our questioning over long-run sustainable profits rather than short-term direction has in many cases come at short-term cost to our clients. Whether it is regular and large ongoing revisions to long-term sustainable profits driving the performance of tech market darlings such as Afterpay (+22.2%), Altium (+4.6%), Appen (+13.6%), Wisetech (-3.2%) and Xero (+11.9%) or just FOMO (I think it’s fair to say we expect the latter), it is clear that our scepticism over levels of sustainable profitability has at least left us with the ‘missing out’ bit of FOMO. Similarly, other extremely high margin businesses with relatively short histories and not known for low pricing relative to peers such as Magellan (+22.5%) and A2 Milk (+17.2%) continue to reach new highs.

So they just started questioning the sustainability of profits this year and they were holding before that? Why doesn't he quote accurately what he really lost his clients over the last 3 years. More like 400% to 1000% on most of those companies. Way too many attempted 'hero' calls on livewire these days just when the markets will potentially have some minor correction.