MFG Fair Value, page-60

I want the MFG bears to punch massive holes in my convictions here..
So please don't be shy...
Due to some of the bearish points laid out I am wavering about putting any more skin in the game... I have to admit I am not 100% certain in my convictions.
(I am a pragmatic sort of person when it comes to stocks).

So here is my pitch to you all..

Please shoot them down!

Convictions.
1/ HM is a class act when it comes to stock selection (long term). His profile remains hi in the eyes of mom and pop investors
2/ He remains at the business in this role
3/ He remains a shareholder and has come out on the record as maintaining the same stake into the future. It would be very hard for him to sell out now having stated that fact.
4/ MFG has at outstanding return on investor capital (for it's shareholders). ROE is around 30%. It has no debt.
5/ It is operating in a sector of business with hi profit margins.
6/ MFG makes money from other peoples "investing". I can't do that. I can't "clip thue ticket" like that. it diversifies my "exposure" to making money from stocks.
6/ If not MFG at these prices then what exactly? Are there any other stocks out there that appear to be such extreme value? Remain in cash?

Doubts (mainly concerning market timing)
1/ The trend to etfs (pressure on margins)
2/ The stocks MFG invests in themselves are at historic all time hi's. If FUM fall due to the market wavering earnings will also fall. Would it be better to wait some and buy MFG at the next overall market correction? The counter to this is MFG is already a canary in the coal mine here and the share price falling is the fundmager industry itself panicking (in advance) over the heights of the overall markets
3/ The resignation of the CEO. Was he the driver of new FUMs? Will they be able to recruit someone as dynamic and good at this role?

Go ahead please.

I remain open minded.

NA/IMO