Six months ago, the suggestion Douglass would sell Magellan shares was “just absurd”.
advised the Australian Securities Exchange on Friday that he’d sold more than 760,000 shares in the ailing funds manager last month, raising proceeds of $9.7 million.
Why even bother? Douglass could surely find a few million bucks in the pockets of jackets he hasn’t worn in a while.He doesn’t need much to eke out his spartan existence, either. How much money can you really burn through eating McDonald’s or not eating at all, riding public transport or else holding the plank position for hours at a time?
“I try not to have a lot of trappings of money around our kids and our life,” he said in 2015, before buying an entire equestrian centre so his daughter could master show jumping with the other 0.01 per centers., from whom he’s now separated – still owns 21.5 million Magellan shares , roughly half of which
. These shares have thrown off cash dividends of more than $200 million over the past five and a half years.But cast your mind back six months, to the week before Christmas. Indignation billowed from the great man. The impertinent suggestion that he might soon be a seller of Magellan shares wasMarvel, now, at his absolute conviction.