One is a stockbroker in a congested field, the more its revenue...

One is a stockbroker in a congested field, the more its revenue the more it has to pay its brokers commission and bonuses (*confirm?)

The other is currency exchange stores as I understand.

I would not compare the two

I look forward to the spin out of the Financial from HML. That said, they are clear what they are doing, I've made lots of money, if I don't like it I can press sell. The bulk of the money has come in since they changed the investment allocation and they have been clear about that. There's been sufficient volume for all of us in originally to get out if we want. I'm hanging because I don't think their valuation is unreasonable nor far from being realised

I also invest in a lot of start ups, and they are trading around 33 x, not 15 times. That's more of an established company multiple

*I stand to be corrected on this