Stokes, Grounds liken returning co-founder Chris Mackay to Warren Buffett.” AFR, page-19

I have said what I have said.

That MFG has exceeded its objective is a bonus.

When markets fall 2 or 3 years in a row, as they did in 209 - 2012, you can come back to me with your BS argument. I will have been sheltered from the fall, and the 9% objective will remain intact.

Have been in this business way too long to fall for late cycle bull market optimism.

I saw 1982 destroy investors, 1987-91, 2000-2003 and 2009-2012. After the first 2 , I became a hunter not the hunted with the cash to buy when others were in fear. Without any gloating, my personal 9%+ with a minimum of stress has served me well and I have slept well too, with plenty of dry powder, ready for the next battle with fate.

I'll happily pick through a few tears in a year or two, buying some oversold stocks, along with PTM and MFG. Maybe some of them will be your relative return one's.