I am one of the ones that got burned a bit by Global Discovery but had sense and cut my losses (I know, I should of sold during pandemic when it went north of 100% gain for me).

Also had Vanguard Global Equity Fund in SIPP and discovered that Baillie Gifford managed it so spun that into US Equity fairly pronto.

Still have BG Pacific along with Fundsmith as my only actives (in ISA) but otherwise all passive now and using contributions to lessen their weighting in my portfolio to eventually sell.

BTW, also had BG Japanese Smaller companies in ISA, went same way as Discovery. You live and learn!!!!

But, both managers still in their jobs!!!! WTH!!! I was paying higher fees for these guys!!

So VWRL up 1.46% today, taking weekly losses to just -0.8%. And maybe even a profit if you bought the dip.

Perhaps markets were happy with a 10% correction. Economic data's still strong, and even revised down, price targets on the S&P would still be a double digit return over the year. Or maybe markets fall another 10%. So if you have gone to cash, how do you navigate that? How many 1.5% days do you miss?

And that's symbolic of why this environment is a nightmare for active investors. Markets spent 15 years reacting to Fed policy – which was always to ease. And in between, markets trended. Now, markets are reacting to a stream of information that's changing by the hour. The Ruffer thread shows the chaos of trying to make decisions in this environment. Why on earth they're trying – it feels like current management's been bussed in off The Apprentice, or handed over to sixth-form work experience students.

Yet with positive real returns on bonds and cash, retail investor madness returning to IT discounts, and plenty of volatility, this has been a great environment to sit back and rebalance. Why on earth have opinions on: how far markets need to fall? When to get back in? Whether to buy defence stocks? Whether to overweight or underweight US tech? It's all grasping at straws.

"Don't just do something, stand there." If markets are going to react to everything, let rebalancing ensure you're always taking the other position on those trades. You're going to keep driving your average purchase prices down. Stop caring so much about 1 year or 6 months – there are only two paths to success: stay ahead of the market on every macro and trend trade, or hold things at good value and let the cashflows translate into returns.