newspaper hacks LOVE writing about this stuff, listening to...

newspaper hacks LOVE writing about this stuff, listening to every armchair expert's view point and creating their own little world of reality :)

If I had a penny for every time a journo mentioned "once dubbed the millionaires factory" I'd be a richer man by now.

As Crackpot has astutely pointed out, this is old and not particularly accurate news.

The local brokers are daily becoming less significant to the whole of MQG's business. Look at Tim Bishop, a Yank in the US, being appointed to head Global Capital Markets. This company is positioning itself globally.

And I wouldn't worry too much about morale. This market has been sapping the life out of brokers since May, so it isn't surprising that some of them are loosing the will to live.

What is important to understand is that

1)as the net saving start to increase globally, MQG are positioned to gain from that through their US funds management business
2) Mezzanine financing such as aircraft leasing is fast growing business as banks baulk at lending money.
3) The expertise in Infrastructure financing and investment will stand them in good stead ahead of the Billions and Billions that will be spent by US, Brazil, India, and China on building Toll Roads, Rail, Airports etc.
4) The weaker USD will promote M&A in US in the next 2-3 years especially as domestic manufacturing becomes more competitive.