MFG Fair Value, page-97

Abject stupidity.

So a poor investment is judged as 12.68% pa compound simply as a result of a non risk adjusted index produced 13.58% ignoring all costs. This relative underperformed was entirely a result of the last 18 months.

Most investors use fund managers to manage risk and generate absolute returns. MGF has done both.

When compared to the ASX over the same time horizon the fund has produced alpha of over 3% p.a.

For the many who see markets at extremely elevated risk levels a succesful long term investor will include risk management in their assessment criteria.

Good luck to you sir/madam when the US tech heavy MSCI index declines and cash flows reverse along with momentum.

When more money is invested in a market in the last 12 months than the last 10 years combined and investors are fearless rather than fearful, the astute back off the less astute back up the truck.

l value what l have more than what l might get. I think l will back HD approach more than your simplistic analysis. No one gets anything right all the time, one key element of making money is not losing it. Those who have been around a while sort of know that.

HD misread the stimulus, the euphoria, the stupidity still left in liquid markets stoked by cheap money.

He could be excused, like Druckenmiller, Buffett, and a string of old time successful investors. We are not in a new world, they did not get stupid. They simply don't find the risk of investing in this climate is likely to be rewarded.

A 20 year old like the shoestring boy of course does and they will brag about their short term success.

I for one will not judge a author by book the last page of an unfinished work. Clearly, others do.