Portfolios sell
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It was with a big gulp that we upgraded and then bought Macquarie Group at $60.28 for our Equity Growth and Equity Income portfolios in February 2016, but that's usually the best way to buy such a cyclical stock. It was also with a big gulp that we downgraded earlier this week and sold all of our holdings at $105.84.
It's only been a couple of years, but sentiment seems to have gone from doom to ... if not euphoria, then considerable excitement. This year's earnings will be boosted by cyclically high performance fees and cyclically low impairments, yet the market is still happy to place them on a multiple of 15. It doesn't take much imagination to see those earnings lower and the multiple higher.
Macquarie has some great businesses, but at current prices we're happy to watch from the sidelines. Hopefully, we'll be presented with other opportunities in future.
For the time being we're happy to hold the proceeds in cash.
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