fifty percent of its recent value vaporised, page-31

...also the fact that fear has gripped the market. I disagree that a share price represents where future profits/asset valuations, distributions are expected to be.

I don't think these will halve in the next 12 months....which is what the share price is indicating based upon your views.

Macquarie has never had a drop in profitability since listing in 1994. I doubt, given the diversity of their business, that this will be any different. If anything, given they are able to readily access funds, that this enviornment will make them even stronger over the longer term as competition is rapidly dropping off.

I think you will find that MQG will emerge bigger and stronger than ever over th e next few years. It just may be that it takes a good couple of years for the share price to reflect this as it does take time for sentiment to shift.