Stokes, Grounds liken returning co-founder Chris Mackay to Warren Buffett.” AFR, page-44

How am I a naysayer?

All I have ever stated is Magellan is no different to every other active manager - they have underperformed the benchmark over the long term. Further demonstrating the fact 85% of managers cannot beat the market.

I have viewed the webinar and listened to them reiterate their focus on capital preservation and the 9% benchmark. It doesn't change the fact the funds are now lagging the index. For the fees charged, it seems on face value a big concern, thus the share price decline and redemptions.

Anyone with an opposing view is always considered a naysayer or pest. Hotcopper has become a safe place for investors to reassure themselves that they have not made a mistake and reaffirm their existing views.

I think Magellan has the ability to turn it around, but the future for all managers is lower fees, removal of performance fees, and greater alignment with investors. If they don't, smart beta and passive managers will dominate.