But you are talking about ~80% of managers that can't match the benchmark over the long term. It's not just isolated to Magellan.
People still pay for it... even when the odds are f......
I would have thought the active funds management industry would be annihilated by now.... but it still stands. It's slowly deteriorating, but it's still charging ridiculous fees and getting away with it.
Truth is... people don't like statistics. They like flashy managers talking like they know something... which they don't... but we like to think they do...
Magellan still has a lot of capital to pivot into a lot of things, like it's successful investment (I think so anyway) in barrenjoey.
MFG Price at posting:
$8.03 Sentiment: None Disclosure: Held
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