Ann: Funds Under Management Update, page-87

I am personally taking great pleasure in seeing Magellan fall like a rock. If you have ever dealt with their staff on a professional basis over the past 10 years, you will know how arrogant they became.

They treated suppliers and vendors like shite. I hope their FUM gets to under 10 Billion.

Always beware of people who say they will become the next Macquarie. The tombstone of Babcock and Brown is another example.

I can see the contagion spilling into Barrenjoey.

Barclays just obtained their own independent Australian licence, so I can see staff jumping ship if things go sour there too.