WHY 80 TIMES EARNINGS?, page-3

Some interesting points to consider as longer term tailwinds:

• Indications advisers use of managed accounts (e.g. Lonsec holding) rising Three-quarters of advisers expected to use managed accounts | Money Management. Key points from the report:

1. The proportion of advisers using them more than tripled, could be 75% of advisers in coming years (56% now)
2. FUM in managed accounts as an industry has increased 146% in five years
3. More advisers believe it's appropriate to hold the majority of assets in a managed account for clients, with advisers allocating 64% of clients' total assets into a managed account,

• Still concerns over the Government moving to tax unrealised gains in super. This makes Investment Bonds more attractive as a supplement to super funds. Taxation of unrealised gains a dangerous precedent - Financial Newswire

Food for thought. I've held this for a long time (since the Austock days). It's been an interesting journey.