Ann: Macquarie Group Limited Share Purchase Plan, page-4

Very happy MQG shareholder - It's my top holding - but I will not be participating in this. I've been clear in my view that Macquarie has had a very sizzling run but it cannot continue in a straight line. There will be bouts of volatility and I'm expecting it to range trade at $150 to $220. You will more than likely see it back at $150 before it marches to $400, $600, and $1,000 in the years and decades to come.

The only point of holding Macquarie from here on, unless you're happy to wait, is for the dividend. And the dividend is only good if you picked it up at ~$100, in which case you're being paid very generously to do nothing.

In fact, I'd go out of my way to say that shareholders participating in this are being very silly. Macquarie will go below $190 at some stage, that's for sure. For them to offer a SPP at $191 when it's at $200 now. Are you kidding me? Dickheads didn't even adjust it for franking, so management are actually just taking the piss. Would have been happy to participate if they offered at least 15%.