Business
Magellan’s Hamish Douglas says dangerous FOMO is driving investors – The Australian Financial Review
The billionaire investor says investors have succumbed to a ‘fear of missing out’, which is out of step with the economic and scientific reality of the pandemic….
Asked why Magellan’s flagship Global Equity Strategy underperformed the broader market over the final two months last year, Mr Douglass defended the fund’s tactic on remaining partially on the sidelines, with 50 per cent of its assets held in cash and “very high-quality defensive equities” rather than growth stocks.
“Were never going to bet on an oil strike or vaccine trials,” he said.
“When you have a bias built in to protect capital, youre not going to participate in a very discretionary-led rally…
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