Ann: Funds Under Management and Performance Fee Update - Dec 2022, page-102

Simple and accurate analysis.

One of the things I loved about this company when I first bought it over five years ago was how straight forward the business model was, everything is very much right in front of you. Its sad that people who buy this company, one of the easiest to understand you'll find among mid caps on the ASX still often can't understand the fact that FUM isn't tethered to the company. Even when the company is winning off the leverage-like aspects of inflows it is inherently at the mercy of it being wound down at any moment when things hit the fan. People enter when things look good, but the opposite can just as easily happen on the other end.

People who only ever learnt about P/Es and called it a day before playing investor still can't stop looking at the "value" when they haven't even figured out how the business works.