I dont think it will take massive fund withdrawals to justify the price slide. Just the notion that the glory days of 30% annual FUM growth are over. Flat FUM will do that. With flat FUM, MFG will be derated to a P/E of ??? Current P/E is 24 (basic) or 15 (adjusted) The market seems to think that 15 is about right now for MFG to think the price will improve materially from here you have to have a view that opposes that thinking. ie That profit growth will return - probably by some means other than FUM growth I like the innovation side of MFG. They are really pushing the envelope. I have no idea where the price will go from here in the short term but am buying in as opportunities arise - with funds from selling other investments
MFG Price at posting:
$34.72 Sentiment: Buy Disclosure: Held
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