Morning. You may be right. But this rally could go on for some...

Morning. You may be right. But this rally could go on for some time yet. And with the current portfolio settings that would appear to mean more losses and diminishing dividends. But eventually it will turn, he will be right and the fund will have a stellar year. Which means another outsized performance fee. And that's one of my beefs with this. It works best for the manager not the unit holder. Compare fees with performance over the last few years. Who cares if the fund loses money as long as every 2 or 3 years you bag yourself a monster fee. But that's me being naive and stupid and not unique.