I think we will always differ on what EPS figure to use. Future EPS is speculative and unable to be substantiated until it happens. I can scenario play if you want and put another table containing future EPS - what would your source be? I don't believe it will make a huge difference.
The historical PE Ratio averages are from 2012 onwards. You have confused with how I believe the market play out - the early 2000's saw a slow decline over a couple of years.
I understand all market will fall (SP500 probably more so), the issue is the impact FUM drop will have on the Magellan business. Less earnings and as we have all seen since the SJP FUM loss announcement a $A23B loss in FUM has a 30+% impact on share price, no one will be immune.
Question is, are you better to put money into cash or property if you think there is going to be a correction of some sort?
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