Thanks, one think Thanks. One thing I would add is that KAM is...

Thanks, one think

Thanks. One thing I would add is that KAM is still entitled to their performance fees, as long as they are still above the high watermark. But seriously, performance fees for a mutual fund? Australia does have something exotic in the AM business!

I read their disclosure documents quite a while ago(maybe a few years) and the term for investors was onerous to say the least, and a blessing to the company. When KAM is doing well, it is helping them extract more value from their outperformance; but when things are against them like now, those terms, when understood by investors, will drive them into index funds as fast as they can pull the money out. Lowering fees will not help much.

This swing of pendulum just have no end in sight. It will take some time, but I hope KAM can stay solvent before the market finally turns in their favor.

Drag, take a look at FID. It has a much smarter business model. It is still a robbery in my opinion but at least that is a one serving some purposes.

Fan