What a difference a year makes (or fifteen months at any rate). When we upgraded Macquarie Group on 10 Feb 16 (Buy – $59.72) and added it to our Growth and Equity Income portfolios, it was firmly on the nose. Indeed markets were on the nose.
China’s economy was slowing, commodity prices were tumbling and interest rates were turning negative. That very day the All Ordinaries closed at its lowest for two and a half years.