www.firstlinks.com.au
It's very interesting to read this, as the comments stimulate a memory. Magellan started hitting the fund-raising circuit, presenting to planners and institutions before the GFC and I attended several events when the Fund was just starting out. The overwhelming theme, even in 2006/07 and especially afterwards when urbanisation was accelerating and China kicked in with its massive spend, was how there was a shift in imports, and a shift in consumption in the country. The inflection point was a GDP of US5,000 or equivalent. In those years, this was all that Douglass hammered on about. And yes he had not yet farmed out the task to a minion. It was a persuasive argument. But somehow, when China did pass that point, and win/ win was what they were all talking about, the mandate shifted. By the mid 2010's, it was an infatuation with tech and the growth stories coming out of digital transformation. Also, the flow of funds into the Global Fund made Magellan a different beast, which needed to buy in deeper markets.
www.magellangroup.com.au
From the AFR.
No epitaph can be written on the unfortunate premature demise of MFG. I feel sad for the investors who trusted such organisations only to see the promoters played the dirty game. DNH
While doing Yoga, you may get some company as MFG is yet to cross the lowest point of the year.Well this outfit continues to making a goodly attempt at doing the dough of investors according to the Age, a newspaper of record.
Investors smell uncertainty as Douglass resigns from Magellan board
Hamish Douglass’ aversion to the limelight is understandable given he has now experienced the negative aspects of fame.www.theage.com.au
There do seem to have been a few too many Hamishes around the MFG Board table so having Mr. Hamish Douglass ( Henceforth to be known in this post as KarmaH to distinguish him from all t'other ones with Scottish Grandfathers ) resign would lessen any shades of uncertainty at meetings when questions are raised.
Meanwhile Magellan now have to explain why having KarmaH absent from any role in MFG does not give rise to bigger questions as KarmaH's Zenlike connection with the future direction of markets was touted as MFG's main point of difference from other Fund Managers and Financial Groups.
At least KarmaH is still a major shareholder, although some meditation may be occurring in that oompah land.
Perhaps he may buy more on market.
Perhaps he might ...
MFG is only, I like that word only, down 4.3% today.
Anyway, the Yoga mats are out here at the Hotel and it is time for some stretches.
gg
Did you get the bull's eye today or still aiming for tomorrow
If i have reaped the benefits until and tolerated down fall, I will take opportunity exit at an opportune time.
Yes I read his yesterday's comments on MFG and others, and that got me thinking.
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