mqg is a steal at this price, page-49

Good stuff elc. You are right - I am not a trader and don't hold out to be. I only invest in a few select stocks on fundamentals. Wish I could be a trader - one day I will hopefully have the time.

utsstudent - you are also right. I worked with MQG both before and after the GFC, so I understand it is a different business. I am not saying it will fall over - never have, and I don't believe it will. But my point is that it is extremely different with a lot of capital, a lot of staff and very low margins. Therefore, don't expect the same future returns, which I believe were priced into the stock by analysts - maybe it has come back to value, who knows - there are still downside risks though. Just be careful. Just remember, surplus cash is a bit drag on a banking stock as the bank can't achieve the same returns on liquid assets as its borrowing costs. Too much surplus cash for too long reduces earnings.