MFG in the BUY zone, page-184

Hi Chella, totally agree with everything you say. But try not to use the DOW as a measure to compare against. It is an absolute rubbish index people use. It only pertains to 30 stocks. Use the SP 500 as a more realistic measure. Not trying to nit pick, it's just a measure used on the nightly news which is just not a good measure of the market. Very limited.
But we also need to consider something we all discussed a week ago. The aggressive nature of which this has been attacked by investment banks. You could very easily assume that Barranjoey is treading on toes and making good headway. This attack from 50 bucks down to current 34 I see as a good sign. It's cheaper and revenge driven. Not to cross pollinate but afterpay was slayed by UBS ( the same way UBS set the 35 dollar target for MFG which started all of this). UBS kept saying they were worth 19 bucks. Whilst all other investment bankers increased and increased all the way to 150 for some. UBS did great damage when afterpay were at 40......huge sell off. But always wrong in the long run. I just see history repeating a little here.
My final point is Magellans defensive nature. For the forecast pertaining to world shares being net 0 this is fantastic.So markets are going to be shitty for a while. Where are the institutions going to move the money to ? ? ? Nowhere because MFG has a proven track record to excel in bad markets and provide defensive portfolios to invest in all conditions. The bleak outlook for world markets would make current money to stay or even as far as to say that people will jump ship from the funds that did take advantage of the good rise, take profit and move to defensive Magellan. PNI dropped 9% the other day. They have a variety of international funds under their umbrella. Antipodes, plato international, Hyperion international. Magellan may pick up what they lose.

Just some thoughts.