We can go buy only from what markets are telling us. Current FUM...

We can go buy only from what markets are telling us. Current FUM is 117B and therefore earnings will grow at least to $2.75 eps. Beyond that as you have said can it grow on long basis.? If anything the portfolio of assets in the $117B has the best chance to grow. Msft, fb, Google are going up and up, analyst for those companies have further increases are expected. The other consumer stocks in the portfolio are solid for last 30 to 50 years. The problematic ones are Alibaba and Tencent. Still in total it is pretty good. What about the returns from principal investments one day. So my opinion there is growth to be expected from MFG portfolio. I won’t value it on high PE ratio like what it was, but around 20 is reasonable.