MQG - Macquarie Group

Garpal Gumnut said:

MQG suffered a backlash from shareholders with 25% voting against the renumeration report. A repeat with a higher percentage next year will lead to board vacation and a call for new electors. The "millionaires' factory" is really too greedy with other peoples' money. From ft.com the combined pay of the company’s top nine executives reached almost A$100mn and Nick O’Kane, Macquarie’s head of commodities who left last year, took home A$58mn (US$38mn) in 2023, exceeding the pay of JPMorgan chief Jamie Dimon and Citibank head Jane Fraser that year.

This is not good management it is low greed and snouts in troughs. It is piggish behaviour. Nonetheless they are a pick for me @mullokintyre in the 2025 Comp.

MQG pays a 2.88% yearly divie with 35% franked. The price dropped today.

gg

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gg

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The above was my July post in the 2025 comp @mullokintyre @peter2 . It continues to linger and pay it's functionaries and not it's shareholders.

gg

Just an update on MQG @mullokintyre and @peter2 as it appeared in the ft.com today, in the naughty corner of that august journal. The world including ASIC and regulators of two other countries are unhappy with this outfit's governance. From falsifying trades to paying executives and dart throwers more than many Manhattan CEO's, MQG continues to throw up all over its shareholders.

Yes, Garpal Gumnut is unhappy with this excuse for an Australian leader. It's forward projections are not hitting the mark and it tried to assuage some of Australia's leading fund managers last week with some parmy or whatever these excuses for managers eat in between farting sessions in their limos on their way to and from dinners paid for by my shareholdings. I say paid for as I got out of them some time ago. Anyways they sold some big items to keep the books looking good and said f.u. we will keep on paying ourselves what we think we are worth. Which is too much.

The view on the way down is not the same as the way up. What an excuse for an Australian financial powerhouse. One of my picks in the 2025 Comp. IT won't be in any between 2026 and 2030. it needs a good cleaning out.

gg

Garpal Gumnut said:

Just an update on MQG @mullokintyre and @peter2 as it appeared in the ft.com today, in the naughty corner of that august journal. The world including ASIC and regulators of two other countries are unhappy with this outfit's governance. From falsifying trades to paying executives and dart throwers more than many Manhattan CEO's, MQG continues to throw up all over its shareholders.

Yes, Garpal Gumnut is unhappy with this excuse for an Australian leader. It's forward projections are not hitting the mark and it tried to assuage some of Australia's leading fund managers last week with some parmy or whatever these excuses for managers eat in between farting sessions in their limos on their way to and from dinners paid for by my shareholdings. I say paid for as I got out of them some time ago. Anyways they sold some big items to keep the books looking good and said f.u. we will keep on paying ourselves what we think we are worth. Which is too much.

The view on the way down is not the same as the way up. What an excuse for an Australian financial powerhouse. One of my picks in the 2025 Comp. IT won't be in any between 2026 and 2030. it needs a good cleaning out.

gg

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i hold MQG ( 'free-carried ' )

be careful what you wish for

for example today i noticed FEX expanded it's hedge book with MQG , it MQG went back to be a boring old bank fund managers , less commercial aircraft would fly ( they lease out aircraft ) they hedge and trade commodities , they fund 'green investments ' ... etc etc etc ,

all these activities would go to equally disreputable international financiers who are be totally outside Australian law ( and penalties )

as former CEO declared ( at the Hayne Royal Commission ) if the staff perform .. 'the sky is the limit ' if they mess up .. they are gone ( not promoted like some other big companies )

sure they are a complicated beast , by to survive against Goldman Sachs , JP Morgan , Blackrock and others , you sometimes have to roll up the sleeves

cleaned up might leave them as boring as BEN

in 2011 i bought a parcel of MQG @$20 and a parcel of WBC @ $19.90 , almost 15 years later which was the better deal ?

hint MQG also gifted me some SYD shares ( sold for $8 a share ) on a 1 for 1 basis


this could almost be their theme song .. LOL

@mullokintyre / @peter2

another of my 2025 yearly comp. selections

( just in case you missed the earlier posts this month )

i note that MQG ( and it's entities ) has reduced it's holdings in IEL and QBE down below the 5% threshold , this week ,

( i assume there is still exposure via the various actively-managed ETFs now offered )

the $250 mark now looks out of reach this month ( and maybe not this calendar year either )

i hold MQG ( 'free-carried ' )

divs4ever said:

@mullokintyre / @peter2

another of my 2025 yearly comp. selections

( just in case you missed the earlier posts this month )

i note that MQG ( and it's entities ) has reduced it's holdings in IEL and QBE down below the 5% threshold , this week ,

( i assume there is still exposure via the various actively-managed ETFs now offered )

the $250 mark now looks out of reach this month ( and maybe not this calendar year either )

i hold MQG ( 'free-carried ' )

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What is your thesis on Macquarie, what do you think the future holds for them?

Value Collector said:

What is your thesis on Macquarie, what do you think the future holds for them?

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well according to what i have read the current CEO is a long term believer ( and share-holder ) in MQG

she seems to lack the flair and charisma of Nick Moore but can she replace that with a more calculating strategy

i see MQG still offers selected hedging contracts , i assume to help feed the commodity trading desk in Singapore

they offer 'actively managed ETFs ' most of them currently at an affordable entry ( below $20 a share ) that might be a very useful path forward ( ANZ tried a partnership in a similar push but walked away )

as a high(er ) interest financier good times may be just around the corner and they are quite prepared to short-sell and lend shares to short-sellers so a market down-turn would offer some opportunities

they have fingers ( tentacles ) in many finance areas ( including about 1% of Aussie home mortgages )

the big danger will be over-excited at the wrong opportunities

would MQG try to be more like WES and buy whole destressed companies ( not so likely in my opinion .. but they have in the past ) or be more like SOL and buy ( or loan into ) significant interests in cash-poor businesses ( especially those in physical commodities )

SOL is probably too big a target , but PPT with it's own internal restructuring ( assuming SOL doesn't return with a new offer )....

i hold both SOL and PPT ( gambling SOL will come back to make another offer for all or part of the company )

MQG has plenty of levers to pull , but at what price is the risk acceptable to new buyers ?