This is pretty brief but start with an acquisition add in the 9% minimum growth in fund flows to their clients then add a couple of beasts on top of that. Magellan pulling in 200m of retail each month only brings these guys more fees. They are just one client.
Super is a Compounding machine that needs mechanics to work it. Mainstream is the mechanic.
Buy for the short medium and long terms I say.
Ann: Acquisition, page-24
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