I think one of the positives from todays results announcement is as follows: The Capital Investments aspect of Magellan was always a distraction and took away from growing/expanding the Funds Management business at a higher rate.
I don’t think previous Magellan management fully understood or appreciated what the impact of allocating Capital into businesses/industries where earnings multiples were 30% of what the Funds Management business was.
One step in the right direction.
Best of Luck Lost
MFG Price at posting:
$21.52 Sentiment: None Disclosure: Not Held
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