"There has to be underlying problems other than just...

"There has to be underlying problems other than just underperformance and pumping money into ventures with lofty valuations."

When there is an underperformance of 18%+ in a single year, no there doesn't. With major underperformance comes the potential for major flow on effects as a specific result.

Stop looking for ghosts in the attic when you have an axe murderer standing in the living room.

Hamish is getting punished for trying to time the market, the index is all in all the time and if you mistime against the index over a period where the index rallies its over. Its one thing to take defensive positions, like you say its another heavily allocating to cash. On top of that, it irks me everytime I read someone suggest that a company investing in Chinese companies is taking a "measured approach" to investing. Mistakes have been made and of a grave nature.

I thought for over five years that Hamish was one of the smartest men in Australian investing, the problem is since 2020 is that none of his beliefs reflect industry consensus and it seems as if there is a lack of pushback to his assumptions within the team. Hamish in particular should acknowledge that holding cash is a risk unto itself. Cash is a risky asset and in the case of MFG it has indeed proven so through providing permanent capital loss.