".......or a drop in the level of MQG earnings per share after...

".......or a drop in the level of MQG earnings per share after HUGE HUGE write downs of assets."

connix

my understanding that the funds have a lot of firm assets like properties, toll roads and airports

the balance sheet has a lot of things like
deriviatives
loans
etc

what assets are you referring to?

Assets
Cash and balances with central banks 7
Due from banks 10,110
Cash collateral on securities borrowed
and reverse repurchase agreements 22,906
Trading portfolio assets 11 15,807
Loan assets held at amortised cost 52,407
Other financial assets at fair value
through profit or loss 4,131
Derivative financial instruments – positive values 21,136
Other assets 10,539
Investment securities available for sale 16,454
Intangible assets 494
Life investment contracts and
other unit holder assets 5,699
Due from controlled entities 13,891
Interest in associates and joint ventures
using the equity method 5,500
Property, plant and equipment 375
Investments in controlled entities 23,693
Deferred income tax assets 718
Non current assets and assets of disposal
groups classified as held for sale 967
Total assets 167,250