The opening paragraph alone of this article may be, inadvertently, the funniest I have ever seen. I don't want to pile into an ad hominem attack on Mr Manek but according to Bloomberg data, the fund has lost 21% over the last 12 months. I fail to see how this warrants such a vainglorious article. The piece also highlights what is so badly wrong with the fund management sector and associated media (not least its utter relentless focus on equities). Who cares about a three month period of relative outperformance but absolute loss ? For as long as financial media parade real losses like these as some kind of victory and focus on the short term, and obsess about equity markets above everything else, end investors will rightly wonder just what the hell is going on and what they are paying for.

I must have missed the previous articles in this series, all entitled 'Why I underperformed my peers this quarter (again)' In addition to the 1 yr figures quoted by Tim Price I see the fund is down 21% over the past 3 yrs compared to an average profit in the UK all companies sector of 45%. Worringly, I have also being increasing my exposure to defensive stocks over recent months. If Mr Manek is now following this strategy, I may think again.

At Investment Week we are fully focused on analysing managers' longer term performance figures. However, the extreme volatility over the summer has led to readers taking an active interest in how a range of managers have been responding in the short term. We were careful to include Mr Manek's longer term figures in the piece to provide context. We also take a multi-asset approach to our investment coverage, as a look at our website shows. Editor, Katrina Lloyd.

Slewing across the road like a drunk springs to mind.