I do understand your points very well. You said you fired them because of current stock selection and long term performance. The reality is that any stock selection strategy will be down in this environment and you would have fired any equity manager who is still in the market. So, this has everything to do with the downward volatility experienced in the equity markets. What would be an appropriate stock selection strategy in this environment? How would you structure an all equity portfolio in this market? As a professional in this industry, I would be interested in your response.

As far as long term performance, I do not know Fisher's performance history so I can only assume that your analysis is complete.