i dont disagree with you. but what is stopping Gerald Stack and Matt Williams from walking? they may think an alternative shop is a better home for their respective franchises which have nothing to do with the stuff ups in Global. and they will need some financial incentive to stay. to also charge the fees that they do and not be able to have a stable team would be an issue for the asset consultants. its all very bearish for the cost base, which the holders havent figured out yet.
MFG Fair Value, page-90
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