I am short Macquarie, mainly on valuation multiples and what I...

I am short Macquarie, mainly on valuation multiples and what I think is a Fed fuelled bubble that inflation will eventually force their hand on, but have to say its refreshing to see a company raising capital on the highs, rather than the usual buying shares via buy-backs on the highs and selling them via capital riases on the lows to repair weakened balance sheets.

Whether MQG share price drops significantly on the discount or any other external factors, at least MQG showing good fiduciary management unlike the vast majority of companies (NAB the obvious example selling shares 18 months ago on the lows and buying them back now on the highs). It will serve them well vs the competitions antics.