I can't predict the future, and many things are possible. But if I were a holder of MFG, I would be feeling very uncomfortable.
Whilst it is possible that PTM continues to underperform indefinitely - what I think is far more likely (and > 50% chance) is that sometime within the next 2 years, that there will be a "changing of the guard". I see MFG suffering very substantial outflows - and PTM sitting itself at the head of the dining table.
Right now "trade wars", "the unstoppability of glamor stocks", "the death of China", and the end of "active management in value investing" have become all-consuming narratives. These currently feel like a permanent shift in the state-of-affairs. Whaqt's more, Mr Douglass probably believes he has acquired the Midas Touch.
This state of affairs may continue - for 10 more years (mathematically possible). But I posit that this is a very unlikely scenario.
If (when) the "great rotation" comes, that's a lot of FUMs headed in the direction of PTM.
PTM Price at posting:
$4.09 Sentiment: Buy Disclosure: Held
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