Ouch. I'm struggling to see when they can turn this around.

Monthly FUM have dropped significantly again. This is particularly concerning given the significant change in the AUD/USD exchange rate - a ~5% drop in the exchange rate means that there should be about 5% extra funds as I understand it all things considered.

What I am not sure of is the effect that the recent bear market has had on this in the tech space.

Nasty update to their last one.

FUM have declined to 77.2 billion, compared to 87.1 billion 2 weeks ago. Part of this is performance, part of this is outflows (3.2 bil).

This decline is much quicker than I expected, and FUM have not stabilised in the slightest. I think that breaks my valuations in the medium term - it's coming out worse than my bear case.

I feel silly and unstable doing it, but I just sold my IRL position for a small loss only a few weeks after buying in further.

I still like the business long term and may look to re-enter at a lower price, but can't see how the SP isn't heading substantially lower in the short-medium term.

Weird piece by Crickey. Not quite sure what to make of it, but it's scathing of Hamish.

https://www.crikey.com.au/2021/12/24/frydenberg-firing-line-proxy-advisers/?fbclid=IwAR1gs5mNhgRToH57EX3vz9KDwsiNC7ocu9WdNAuYIBeUUmus9D2J62-UBRY