MFG - FUM, page-8

It's not about 80%, it's actually closer to 100% when get to 10+ years. Here's the data: https://www.spglobal.com/spdji/en/spiva/article/spiva-australia/

Magellan could pivot but Australian businesses are stupid. Why pivot when you can just pay shareholders and yourselves virtually all of those profits that *could* be reinvested as dividends? It's easier to milk the cow till it's dead than find a way to make new ones, because at the end of the day these directors are part of the 1% who will walk away with bazillions while the pitiful, simpleton Magellan shareholders on this forum will work into retirement.