Ann: Funds Under Management - March 2019, page-27

I have no idea what FY20 earnings are going to look like because its specifically dependent on the broader market, inflows/outflows and very much importantly out-performance. At the last report outperformance fees were as good as they had been for this company in years, prior to that it had been minimal. No one expected that or knew it was going to occur.

I can make a rough guess but the reality is in December there were a significant number of economists, large industry figures and financial analysts in the mainstream media were suggesting a large correction was possible and so was a dip below 20k. I saw virtually no one suggesting it could rebound that quickly, and no one at current levels seems to want to commit to a target price over the next 6 months.

The fact is that if the Dow stayed flat and the Global Fund didn't outperform their index, FY20 earnings would be lower than FY19. That isn't an impossibility, the few years prior there was minimal out-performance on the index. You're just blindly saying "if they continue their growth at FUM at the pace they have been going recently" without understanding the variables that is dependent on, largely out of the companies control. I expect Hamish Douglass' management to typically lead to outperformance, but that clearly hasn't always been the case. On the Dow, you ask 10 economists and financial analysts you'll get 10 different answers.

You know nothing about the stock and you sound like a financial illiterate. This is not a retail or agriculture stock where you can make simple assumptions about earnings and expect to have a reasonable answer. You're doing no more than hoping for the best and being overly emotional because your stock choice did well.