yep that is 100% my conclusion as well.. A bunch of beaten down fundmangers - PTM and (now MFG)..all beaten down by a jealous bunch of ? Yep you guessed it?.. Fundmanagers!!.. But the reality is each generate fantastic ROE and have great margins and there are still (and most likely will) be wildebeest investors who like the idea of active fund managers.. ...despite all the rhetoric of the industry otherwise I don't see this changing into the future There are always wildebeest - new ones are born every year Most have yet to see the crocs in the river yet... When they do and they start getting taken, my guess is they will flock back to people they think they can trust And that is active fundmangers.. those like MFG and PTM. Not UBS, blackrock and the lofty yank talking crowd.. But conservative active managers... Like it or not. The question is at WHAT price does an outside investor in these two pay to get the benefit of some of the action? Is there a risk reward here? ..even in mergers or acquisitions now in the sector? Time will tell Cheers NA
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