News: Macquarie Q1 starts softly, eyes upbeat FY15, page-4

I'm not phased in the slightest. This is typical Macquarie Group in recent years. Talk down expectations, over deliver on the numbers when they report. Probably fairly valued is right, but I don't see it coming under much pressure. The Banks are on similar multiples and they don't have the exposure or the expertise when it comes to overseas capital markets. I like that MQG now has more of it's earnings coming from the US than in Australia. With Mac getting more than it's share of the M&A pile and if volatility does return they are ideally placed in their capital and commodities markets business. Still great Beta if the ASX gets to 6000 as I believe Charlie Aitken's FOMO M&A activity is yet to begin here..