I gave you an upvote, because prima facie you are correct. However I believe Magellan is a bit different, because its not a standard asset manager. History has proven this to be correct, lets see if the long term future continues to prove this is correct, and long term is not last year, this year or next year, its long term.
For myself obviously as a holder I still believe in this, because Magellan investing style is similar to mine.
Market returns will not match investment styles in every market. Even Buffett underperformed for selective periods in time. The difference with Buffett, is that he still totally controlled the FUM, there were no open ended funds. So Buffett didnt have to worry about funds leakage.
So Buffett could be very strong, you don't like it, well you can sell (by selling Birkshire), but you can't reduce his effective FUM.
MFG Price at posting:
$21.24 Sentiment: None Disclosure: Held
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