Macquarie Group: Result 2014

Macquarie’s earnings are finally heading in the right direction. But as Nathan Bell explains, we're taking some chips off the table.

When a cyclical business slumps into a downturn your decision is relatively easy. Ignore the crowd, buy with your ears pinned back and wait for Ben Graham’s weighing machine to arrive.

When the share price triples from its lows and earnings are heading in the right direction your decision is much harder, as Gareth Brown explained in Sold out early? On the one that got away.


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