Ann: Funds Under Management - December 2021, page-98

Good to hear you back on this one D.

Agree absolutely, this is very good value at the moment.

At this point with longer term higher inflation looming, I believe that financials like PTM and MFG that are heavy defensive and largely counter cyclical in their mandates will benefit. They have under performed in the heavy accretion of the last couple of years because of the markets preference to high risk high growth stocks. I believe their contrarian stance will shine in the face of higher inflation. The resulting higher IR will take the froth out of the high growth stocks and back into quality defensives which MFG and PTM have already positioned themselves into long term... They have long recognised that no/low revenue companies that have been financing their growth through cheap money is not the place to be in moving forward.

We are headed into different waters in the next few years my friend...