The problem is that the past twelve months the quote should have...

The problem is that the past twelve months the quote should have been changed to simply "be greedy". If the entire financial world and retail investors think "low interest rates, we goin UP" then the market will simply move in the way they invest their money. If you react in the opposite way to the entire market, at least in the short term you will suffer because of it.

Hamish made a mistake in terms of how bad the pandemic would be for the global economy, the reality is that the brunt of damage is largely sector specific and many industries have thrived. Interest rates as should have been expected largely countered the effects of the downturn in terms of investment specifically. This shouldn't have been underestimated. When I look at his response to both recent events and something like Bitcoin, I can't help but simply think "boomer mentality", there hasn't been acknowledgement of a paradigm shift and particularly the more obvious short term reaction of monetary and fiscal policy.

Now is the stock cheap by any metric at this point? Yes I would say so. The problem is however the larger a fund becomes the harder it is to outperform an index and currently they've lost the ability to even show potential in doing so.