40% is only temporary and would be very beneficial if they are...

40% is only temporary and would be very beneficial if they are right about the small cap market currently.   if the market tanks, they will
be laughing and buying stocks cheaper.   
paying 1% management fee because I think  they have some skills,  but not over just a few months, and they aren't just an index fund.
people have been paying 1% p.a in  WAM and WAX for many years but wouldn't be complaining about that .
Smallco are also holding approx 24% cash so it seems some people agree with WMI.