Sort of agree, although as these businesses hit maturity the cost base stabilizes so as long as there is scale downside is reasonably well protected over the medium to long term. Check out Perpetual, BT Investment Management, Platinum.
I do not believe the valuation is yet reaching expensive because the last half of the last half had a big bang in terms of flows plus there is likelihood of further insto money hitting the books. Projected PE is closer to 20 on my numbers, not the 25 or 30 touted by some (although that is just my dumb-arse opinion and could well be wrong).
Short-term who knows where it will go but if markets to have a pull back then this could present some relatively safe entry points for this stock. There's some insurance for mine too because if the world tanks again there'll likely be a flight to USD which offers a downside buffer.
It's a long term buy up to about 13 50 - 14 bucks for me.
MFG Price at posting:
$13.01 Sentiment: Buy Disclosure: Held
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