@ipsofactoid Hi, Thanks for your comment on PNI. I thought that you may also be interested by this thread about fund managers.
Just to come back on PNI, I think that's a great group. I just wonder if the valuation is not getting a bit stretched now, reason also why Ian Maccoun has taken some profit recently. What Ian has built is impressive, in particular in an industry so dominated by egos. Probably the main interest of PNI : they have so many different strategies inside the group, which is also really diversified in term of asset classes. I also find that some of their asset managers have a great research, in particular Coolabah Capital and Antipodes.
You can probably justify PNI's valuation if you think that performance fees will remain at a high level on a regular basis (honestly, I have no idea about it).
