$50....by end of 2019?!?!, page-61

"fund inflows have likely fallen off the cliff due to the trade war and ongoing volatility in the world markets...Would be close to zero i imagine."

We've had issues with the "trade war" (if you're silly enough to call it that) for the past two years, and inflows have been fine. Despite the bullshitting about volatility and problems with the market, the SnP500 is less than 5% from all time high, hardly reason for panicking. Hamish has consistently been among top performers in down cycles or in times of heightened volatility, investors choose a fund manager on their experience and ability to secure their capital even in these circumstances, there's little reason to expect investment to greatly drop off on this basis unless there was genuine evidence of an incoming recession or something to that effect, and there is nothing to suggest that.

The second point is the one that is relevant. This stock could be under $45 and on P/E basis compared to the market and industry peers would still look a tad expensive, so share price growth in the next 12 months is a toss up, but not going to be at the same level as the past year. To say that there won't be profit growth just suggests you don't understand how the company works however, even if FUM stayed flat for 12 months there would be profit growth, and again, questioning a stock market "recovery" when US indexes are ONLY DOWN FIVE PERCENT FROM ALL TIME HIGH is borderline hysterical.

Everything is down to peformance of the company against the index and the market itself, which contrary to the ridiculous mainstream financial media clickbait, alarmist coolaid being gulped down, doesn't look all that bad right now. Just pray we don't get a president Bernie Sanders in 2020 and things will probably chug along fine.