I think it is more of a case of people being skeptical of the 35 dollar price tag. It seems quite lofty based on what is happening.
Everyone knows what it's like when a stock is on the nose and the media are going in for the kill.
Then on top of this you have a large cohort of managers who have always had disdain for Magellan. They would like nothing more than the "most expensive ETF" in Australia to go under.
To be fair, they are trying a lot of things. To some it reeks of desperation, to others a valiant attempt to stop the bleeding.
Hopefully, Hamish makes a decision in the next 6 months on what he is doing. It's better to know whether he is gone or staying - rather than this state of limbo.
At first I thought his permanent departure would spell the end. But the more I think about it, I am unsure whether his return would be that beneficial. The mystique has well and truly gone.
MFG Price at posting:
$15.35 Sentiment: None Disclosure: Held
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