MQG 0.91% $199.70 macquarie group limited

Don't get me wrong. I thnk MQG is the last, real bank left...

  1. 6,241 Posts.
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    Don't get me wrong. I thnk MQG is the last, real bank left standing. All the others did that "cost streamlining" schtick, dumped all their business analyst units because they cost money and instead morphed into mortgage mills. As a result, 100's of ASX listed companies have been forced to go to payday lending style brokers and take 20% haircuts to raise capital because no bank does the business anymore.

    That's why the ASX is dogsh1t compared to other indexes. The same ol', same ol' companies are dominating now as did 30 years ago. But the Big 4 have created a monoculture that's turned the nation into a property Ponzi. I came back to Oz in 2012 and genuinely laughed out loud when I opened the newspaper. It was wall-to-wall property. I took photos and sent it back to my friends in Japan because they wouldn't have believed me otherwise.

    But that's the environment that got created and that's where we are, good and bad. You see so many shops with "For Lease" on the window for months and you know the owners have borrowed on the store's value and spent the money elsewhere. If they drop the asking rent, the bank will come a-knockin' with a "please explain" from the lending bank and a request for top up equity that they don't have.

    So atm it's an "extend and pretend" economy with VoteKeeper and I wouldn't touch anything financial for the next 2-3 years. It's back to mining and farming from here boys.
    Last edited by Un1qu3Nam3: 14/09/20
 
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