"Montgomery Watch", page-37

I tend to agree. Responsibility for any investment decision is borne solely by the individual investor, regardless of others' opinions. If an investor elects not to undertake independent analysis or elects not to inform himself or herself of relevant industries and trends, then an investor cannot reasonably expect to achieve favourable returns.

As an investor, I welcome similar and opposing points of view. In fact, greater insights often derive from the latter. Whilst this in itself may only be academic, I welcome any opportunity to learn. Through the decades, through disheartening losses, the ability to extract knowledge and techniques from these opportunities are the difference between a successful investor and a fortunate investor.

Please remember - we need only pick just six winners in every ten stocks. There is no reason to apportion blame to any particular fund manager, and I pity those who unwittingly become fortunate investors.