MFG +2.31%%: Held its AGM today and this is where its Chairman & CIO shines,. Hamish Douglass is a very accomplished orator and today that was enough to see the shares higher. He focused more on Barrenjoey, the star studded investment bank that Magellan owns 40% of, saying they have made a profit in 1Q22 after booking a big loss in FY21, although in fairness that was a result of a full year of costs and only a few months of revenue. As we wrote only a few days ago, the real key will be around addressing the performance of its flagship portfolio which is up just 7.57% over the past 12 months, however Hamish is a smart operator and one of the best pieces of advice I was ever given early on was to back intelligence.
MM has now turned bullish MFG
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