With the incredibly shaky start to the year in equity markets,...

With the incredibly shaky start to the year in equity markets, shaky reports on American economic recovery and increasing bullishness on the Aussie dollar I don't find it particularly surprising.

Quite frankly institutional inflows have been substantially BETTER than I would have expected over the past 12 months considering the lacklustre performance of their portfolio and the seemingly endless appreciation of the Aussie dollar into the year. Their cash holding clearly has been a bad idea and the big tech stocks they were betting on only came into their own over the past month during the latest earnings season. Not to mention significant underperformance for the most part of the MSCI index. I disregarded your comments about lacklustre institutional inflows because ultimately they stem from the performance of their portfolios, and outlook on future performance. On their own they are meaningless.

The reason I scoff particularly at common valuation methods on a stock like this is that what ultimately matters to earnings are global equities markets, their portfolio and the currency movements. If you are bullsih on the American dollar against the Aussie and like the layout of their portfolio particularly in the Global Fund, then this is a a screaming buy on the current valuation. If not, and you believe the markets are about to collapse, then the high P/E tech stocks MFG are heavily weighted in are probably going to get hit the hardest in the short term and you wouldn't want to be anywhere near this stock.

Personally, In the medium term I am bearish on the Aussie and am EXTREMELY bullish on the majority of their top holdings, particularly Ebay, Microsoft, Apple and Visa.