Value?

It seems to be that this type of business, namely, the financial management industry has a great financial business model. They have low capital requirements and their biggest asset is reputation. According to Warren Buffett, a business like this is great as it takes only a small amount of capital to greatly increase shareholder value. The problem is, it appears everybody else knows about this as well.

Some people have said that MFG is by far the best fund in Australia, but it seems that other businesses like this seem to go well also. The point is, is MFG trading at a valuation fair for an up and coming stock but not for a company of this size? Or is it reasonable for an expected uptick in growth, especially from little mum and dad investors thinking now is a great time to invest but not knowing how to, thus leading to an increase in FUM?

Only time will tell but I would be interested to hear your thoughts on this business.