And when PTM started it was a $4.1b company with over $22b in FUM... in Jan 2011 it was a $2.6b company with ~$18.9b in FUM... in Jan 2012 it was a $2b company with ~$15.6b in FUM... and now it's a $2.8b company with ~$16.6b in FUM.
Which implies that there is a lot of market anticipation that there will be continued net inflows to fund managers. Market anticipation always gets it wrong... eg. just look at that Euro fly and the Yen crash, who would've thought that last year? The Yen is crashing because there is market "anticipation" that the Japs will print like crazy next year (2014)... as a betting man, I'll bet against the anticipation becoming reality and say that the "anticipation" has already done the job, and the Yen to start flinging back up soon as "anticipation" debt is recalled.
Reminds me of the old market joke... what's the quickest way to make one million? start with two and give it to an investment banker.
MFG Price at posting:
$6.65 Sentiment: Sell Disclosure: Not Held
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