I should clarify.
The original comment appeared to me suggesting the investments that had been made were based on a level of self indulgence. That is, it related to investment choice.
I just thought it's more correct to state the comments related to realigning their business, focusing on clients and not engaging in needless restructures. Although, funds management is their business model - I didn't interpret what Chris said as being directed at their investment choices. Rather, the running of the underlying business.
That was my interpretation anyway.
mfgs PE investments, page-20
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