i'm going to paraphrase the "intelligent investor" crowd (yes,...

i'm going to paraphrase the "intelligent investor" crowd (yes, both pandering to folks' desire to feel smart and perhaps they got their hand on it). a few months back they felt that there was some comparison between BNB and MQG, but BNB was focussed on the infrastructure funds compared to the diversification (diworsification?) of MQG. Focus brings experience, likely in the bull market of 2001-2007 it brought higher growth to BNB than MQG. But then it brought downfall when the area of focus faltered. I'm not advocating investment in conglomerates like wesfarmers, CSR or futuris (when one part of their business is up then often another side is down), but MQG have many more tricks than just infrastructure funds that pay dividends on upward asset revaluations instead of out of cash earnings (have a look at SPausnet's performance over the last few years, before the subprime-led meltdown from aug07).

the 'millionaires factory' will definitely take a hit, won't be as profitable for a while as it was till now. and their satellite funds to me are a no go zone, regardless of how nice the historical div yield looks (b'stards gouge you on the way up with 'performance' fees and then leave you holding the baby when things go south). the terms of trade internationally now favour commodities over financials, but the culture of MQG is such that they will somehow turn this to their advantage. i would not be surprised to see them as the next glencore. they seem to be trying to follow buffets coat tails into bond insurance in the usa now that the incumbents are bankrupt. their culture is to have safe bets as well as nutjobs, the former keeping the lights on and the latter taking them from where they were 30 years ago (compared to BNB's what 10-years-of-unbrindled-bull-market ago).

Nick- i agree. bring on the shorters, happy to buy some more (i'm not a trader, don't even like the effects of the macquarie model on society, just believe in their ability to turn water into wine)