Valuation still looks convincing, page-121

I saw an Interview with Hamish where he was asked what their strategy was to garner profits. His response, with glazed eyes, compounding interest and nothing more! This to me was a simple message to their clients "please don't pull your money out of MFG, it will compound". Now comparing his interview with the likes of Warren Buffet you can immediately tell the difference and quickly make the distinction to whom you would be comfortable handing over your hard-earned money. If Hamish is the leader, you can imagine what those below him are like.

They made a horrendous bet during COVID, a very foolish one, when buying anything would have made them money, they went the opposite approach. They seriously lack fundamental knowledge of business and economics. Which may be understandable when one is too preoccupied trying to convince other people to give them money.

This company is people-based meaning that when one senior manager or executive leaves, the client relationships they had built for MFG leaves with them. There are plenty of ASX listed companies that never recovered from major events. Although there may be a small market for the service MFG provides, there are also plenty of alternatives to investors. Government bonds are one.

However now that Hamish is gone there may be a chance to rebuild the company, but I see significant downside to come, especially in this economic climate.