Markets editor Vesna Poljak, senior reporter Jonathan Shapiro and Rear Window columnist Joe Aston explain the rise and fall of billionaire money manager Hamish Douglass and Magellan.

Background reading:

• The rise and fall of Hamish Douglass They came together with dreams of creating a funds management powerhouse. Hamish Douglass made it a reality, and now it’s up to Chris Mackay to save it.
• Day of reckoning for Magellan’s Hamish Douglass After a week of turmoil for the fund management group, the market has one question - is Douglass, who has grown this business faster than anyone predicted, still the best man for the job?
• Magellan reshuffle reignites key man risk David George will be chief executive and chief investment officer of Magellan, replicating the structure in place under Hamish Douglass. 
• Why billionaire Hamish Douglass loves Maccas The Magellan chairman knows value when he sees it and sometimes, he says, great opportunities are hiding in plain sight.