I don't think you're missing much. But to provide some perspective. I recently culled two out of my basket of fund managers. This was one of them. I've held them for years and could've continued to hold for years (there is plenty to like). But I was overweight fund managers and financials, and wanted to redeploy those funds elsewhere. So sometimes investors aren't selling purely on fundamentals.
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I don't think you're missing much. But to provide some...
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