$200 Party, page-229

For what it's worth, I disagree with the CSL analogy (and therefore the correlation of possible longer term stagnancy of MQG price). CSL, by comparison is relatively confined by the bounds of it's industry. Without a mini thesis on CSL (which I don't hold), Macquarie on the other hand is quite the opposite in being relatively unconstrained in seeking (and assessing in a disciplined manner) growth opportunities. Utilities, energy (& derivative markets), funds management, property & equipment financing.......whatever, if the average return profile of the sector, or choice parts of a sector, are expected to exceed the risk, then they have the organisational capability to exploit them, and be beta-beaters. The CR simply adds a bit more financing capability to this organisational capability.

Sure, we may even touch, I dunno, say, $170, again in the very near term on macro stuff to fret over (I'm reminded of Mental As Anything's Troop Movements In The Ukraine...), but to align MQG's business-per-share market price in the coming years to be as flat and sluggish as CSL's does not fit my intuition.
Also remember CSL is generally priced @ ~1.5, or worse, MQG's earnings multiple (a circumstance that has generally befuddled me...and the merit of their Vifor acquisition certainly hasn't left me starry-eyed)
Anyway, hopefully by the time of Feb 8 and May 6 operational briefing & FY results respectively, and what they divulge, this will have pulled us back over the double-ton again.