I think it might be easier if we separate out the listed asset management vehicle from the various funds then we can argue the merit, risk, returns etc.
I thought acecant was referring to the actual Magellan business model rather than its various funds under management. Admittedly I have never been involved in a position with any of the Magellan funds or offerings either upstream or downstream but I was aware of their business model.
As an FYI Contango has two listed funds, CIE and CTN. But you know this better than most I would guess.
