It's not about losing touch... it's about the risk/reward ratio when investing in a fund manager who is now lagging the index in most respects. It's pretty hard to attract investors when you can pay .03 of a percent and do better. Put Simply, 90% of active managers fail to beat the index - when they fail, investors abandon ship. The fact that people presumed Hamish was some kind of infallible genius is telling... he made a series of blunders which could have easily gone the other way. He was conservative... when he should have been aggressively buying into the lows... and bought into the Chinese hype... like everyone.
It will take some time to turn this around...
MFG Price at posting:
$34.67 Sentiment: None Disclosure: Held
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