Signifiant Drop in Performace Fees from $42 M to $5M, page-26

It's not about currency and it's not about stocks it's all about rates and none of these aparantly sophisticated money managers got their heads around the fact that rates were (and are) going lower and will be lower for longer (or according to some for ever) Hamish admitted he was wrong today which was big. Hence the disaster of 2015 returns.

If rates are low for longer then PEs should be far higher than previous cycles and sitting on cash only burns holes in performance. Magellan with 20% in cash was a disaster. He wasn't alone mind you.
Currency views are all a subset of what happens in rates.
Central banks will not let investors wear the pain they would have worn in previous cycles.
Don't fight th FED....... The BOJ.......the ECB......the BOE and maybe even the RBA.

Geoff Wilson sitting on 40% cash is a freaked joke. How can they charge fees on this. They should hand it back.

And btw 40bn is not all global fund its part of.

He's had a cracking start to this year. Brave man to short.