http://www.smh.com.au/business/mark...able-says-research-house-20170605-gwkn5g.html The funds management firm that sold everything and returned the cash to investors citing a looming market correction was unprofitable as at November 2016, according to an analyst report.
I am totally guessing at this, but my sense is that he got stuck short equities in the post-election market run-up, and he is giving his unfulfilled (wrong up to this point) premise one last hurrah in proclaiming a bubble - a limp unoriginal and thoroughly cliche parting shot as it were. I'm sure that there were also fund managers who collected good returns for their clients. There were plenty of fund managers before Quantitative Easing - quite honestly, there's always been that "something" to act like a universal crutch or pissing post. Before QE it was irrational exuberance, before IE it was the tech bubble, before the tech bubble it was the Euro... and on and on and on. It's always something. Personally I don't know how guys can manage a fund under $200M. The regulatory, legal, and operational costs are just too great.