are you talking about the capital partnerships eg GYG, Barrenjoey, Finclear? I don't know if the investments in that are that substantial that they can turn the fortunes of the company. But they could down the track. I find it interesting that Hamish has copied Buffett in buying listed and unlisted businesses. Maybe he is hoping to list GYG on the ASX.. But what I noticed is that you have got the funds management business, then FInclear which is kind of portfolio management business, then Barrenjoey - an investment bank or deal maker and Futurepay which is trying to do what challenger is doing with annuitie Maybe Hamish has visions of turning Magellan into another Macquarie who knows? But that is where the future earnings and growth for this company lies ... another Macquarie If so a PE of 10 for such a growth company is cheap...
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