As Munger said, most fund managers are in denial mode. They don't deliver alpha to investors since they cannot beat the index. Sionna Canadian Equity Fund has underperformed the index since its inception and also underperformed the index for the past 3 years, 5 years, and 10 years. The high dragon fee of over 80 basis points can hardly be justified, to say the least. Maybe the newbies or the uninformed new immigrants were easily the buyers of these types of funds rather than a low-fee index fund.
This has got to be one of the worst value investing talks. Slide 5 where it shows interest rates the right hand shows interest rates go up to 140% on the scale yet we all know highest was in the 20s in the late 20th century… Most discussions state how interest rates going down is likely one of the biggest tailwinds and for this chart to be in there shown like that is about as misleading as it can be. It looks flat which we all know the difference between 0 and 20 is significant.
Very good presentation!!!
As Munger said, most fund managers are in denial mode. They don't deliver alpha to investors since they cannot beat the index. Sionna Canadian Equity Fund has underperformed the index since its inception and also underperformed the index for the past 3 years, 5 years, and 10 years. The high dragon fee of over 80 basis points can hardly be justified, to say the least. Maybe the newbies or the uninformed new immigrants were easily the buyers of these types of funds rather than a low-fee index fund.
This has got to be one of the worst value investing talks. Slide 5 where it shows interest rates the right hand shows interest rates go up to 140% on the scale yet we all know highest was in the 20s in the late 20th century… Most discussions state how interest rates going down is likely one of the biggest tailwinds and for this chart to be in there shown like that is about as misleading as it can be. It looks flat which we all know the difference between 0 and 20 is significant.