As most of you know, I respect the thoughts of Magellan’s Chairman and CIO, Hamish Douglass. The link below leads to his latest quarterly update and if you’re interested in his views and have 50 minutes spare then I’d recommend it.
As the heading alludes, successful investing doesn’t mean a cracking twelve months, rather it means consistently performing through all market cycles over a 7, 10 and 15 year timeframe. When the markets are flying it is easy to lose sight of this and it is even easier to think anyone can make money. For the majority of you, you will understand this is a fools paradise……….nonetheless it can be hard to stay the course when the grass looks greener over the fence. By their own admission, Magellan have underperformed over the last 18 months and they make no excuses for this, but they do provide reasons.
More importantly they outline their current investments and why they think they will hold them in good stead for the future.
I understand 50 minutes spent listening to a fund manager isn’t everyone’s cup of tea, but if you watch it, I think you’ll find it educational and beneficial.
Regards
Robert
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