Time will tell MarsC. But as I said there are plenty of managers with very strong valuation processes ("value" managers) that got this move right (as an example Magellan). I am not alluding to a lack of brilliance with Andrew but just that his investment process is more traditional bottom-up in an environment that also required strong top down analysis. i.e. you are assuming he was right to avoid the sectors which cost them performance (because they were fashionable) whereas I am saying that was a mistake (because they were attractive). If you replace "fashionable" with "attractive" in your sentence I think you can reconcile our thoughts. i.e.
"As to your comments about Andrew, alluding to his lack of brilliance versus Kerr, I will say this. A prolonged period of under performance, predicated on avoiding fashionable sectors (rightly or wrongly), does not require a change of process or focus, especially not as those fashionable sectors get even more fashionable".
Becomes:
"As to your comments about Andrew, alluding to his lack of brilliance versus Kerr, I will say this. A prolonged period of under performance, predicated on avoiding attractive sectors (rightly or wrongly), does not require a change of process or focus, especially not as those attractive sectors get even more attractive".
For the record my point is not that this was an easy call to make and they should have got it right. My point is that when valuing PTM you should not be trying to predict future out-performance but should look more pragmatically at the position the business is at the moment and that includes outflows for the forseeable future due to under-performance which is going to take many years to make up.
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Last
$1.08 |
Change
0.050(4.85%) |
Mkt cap ! $628.7M |
Open | High | Low | Value | Volume |
$1.06 | $1.11 | $1.06 | $7.080M | 6.568M |
Buyers (Bids)
No. | Vol. | Price($) |
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1 | 8000 | $1.08 |
Sellers (Offers)
Price($) | Vol. | No. |
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$1.08 | 84940 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 8000 | 1.075 |
4 | 138789 | 1.070 |
10 | 69572 | 1.065 |
16 | 199071 | 1.060 |
6 | 149474 | 1.055 |
Price($) | Vol. | No. |
---|---|---|
1.080 | 84940 | 3 |
1.085 | 21798 | 2 |
1.090 | 148827 | 7 |
1.095 | 22990 | 2 |
1.100 | 4896 | 2 |
Last trade - 16.10pm 28/03/2024 (20 minute delay) ? |
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Last
$1.07 |
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Change
0.050 ( 2.64 %) |
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Open | High | Low | Volume | ||
$1.06 | $1.10 | $1.06 | 1457274 | ||
Last updated 15.59pm 28/03/2024 ? |
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