$200 Party, page-228

I had previously said that the CR is a rip-off and that it's a better deal for Macquarie at a corporate level and not for Macquarie shareholders, and that the price would come down below the CR issue price, and here we are!

I was also super annoyed at management that the retail investor price didn't account for franking credits from the dividend that institutional investors received.

I maintain the view that we can expect it will rangebound at $150-$180. Expect months possibly years of painful consolidation as CSL shareholders have been enduring for the last 3 years. This is really only worth holding onto now if you got in at a good price ($100 or below) for the relatively fat dividends. We all knew MQG had run too hot.

Brace yourselves for a long, slow grind, but as some long-time MQG investors have said, buying on the dips, holding tight, and not selling led to very superb riches!