peejay2, having invested in PAC and TRG before it over many...

peejay2, having invested in PAC and TRG before it over many years, I speak with some history of the stock, having toasted a lot of capital waiting for PAC to have a great year.

In my view, any business that requires such detailed almost forensic level of analysis to work out what it might earn is unlikely to trade on a higher multiple.

PAC is just too opaque and has too many moving parts to perform reliably. They will likely have as many winners as they do losers in a year, and the net is likely to disappoint. I imagine it is very hard for PAC management to be adequately across so many investments.

PAC quoting FUM figures is almost meaningless to the point of being misleading given the varying ownership of the underlying managers, as they do not receive the associated revenue.

In my view PAC is managed for the benefit of its over paid and underworked executives.

The last year of market returns is one for the record books and yet we have PAC still wallowing.

Good luck to all.