gone in 10yrs, page-34

David25,

You seem to be very odd!
I have heard all this before back in 2001, when MBL was continually bagged after 'overpaying' for Sydney airports, its model was attacked as being flawed, the world was going to fall int an absolute hole because of Sept 11 etc etc etc. And while the share price was initially hit, it bounced back stronger than ever and made shareholers very wealthy. I do not believe enough focus and credit is paid to one of the most important divisions within Macquarie Bank and one which really differentiates this company from many others....and that is the Risk Management division. It is interesting to note that Allan Moss actually served his time in this division while climbing the ladder.

I believe you will continue to see volatility in the share price, however, just like most research/broking houses have said, MBL is worth over $100+.

So how smart are these guys? Well, you will notice the likes of MIG sold assets last year and began reducing gearing levels. I did not see others do likewise. And I believe Macquarie have a stable of institutional investors who will continue to provide funding support for further acquisitions as they have been successful in the past. For instance just read how they have quickly raised close o $100m from super funds/institutions (domestic and international) to go into a new Pastoral Fund (getting involved in beef and lamb business). If anything, this environment may in fact flush out the inexperienced competition that has attempted to emulate Macquarie and may further strengthen the group.

And finally, if we do find ourselves in a recession, I bet most of the population will not sell their cars, disconnect their internet and phones, not tune into SBS and ABC and abandon every property out there.

I do not hold MBL shares, but will be looking a pickig them up. Just sick and tired of people waiting to knock them down when their are really utting Australia on the global map.