I see this as a good result. FUM has been declining at a slower and slower rate (hardly any decline for the last month). Add to that that their investment funds are operating in the top quartiles and I can see more investors coming in once the (now small) decline in FUM reverses. Then profits will start to increase again.
And the balance sheet is one of the strongest I've seen for some time. And profit ratios (as mentioned by several above) are excellent, even at the current $10.90 SP.
I've been accumulating and now waiting to see the SP get back to somewhere it should be for such a strong company. (Having said, it is still likely that the SP will decline from the current enthusiasm back toward $10. Good buying there - I may even accumulate a few more.)
MFG Price at posting:
$10.95 Sentiment: Hold Disclosure: Held
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