yes, re rate is what you would have expected. However GS has come out saying they are bearish. Reason is not achieving performance fees. It is not a big deal as GS themselves had only about 15k for 2nd half. In the meantime FUM increased by 10B which will increase management fees much more. Also MFG has invested about 400m recently on many principal projects. Some day and hopefully over next 3 to 5 yrs they will get their returns. If you add up all these earnings EPS will be well over $3.0 . Soon or later big investment companies needs to come clean.
MFG Price at posting:
$47.87 Sentiment: Buy Disclosure: Held
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