Fattened McGrath turkey gobbles prospectus

Monday 16 November 2015

The fattened Mcgrath turkey is gobbling its prospectus amid the usual Domainfax preening:

Institutional investors reacted positively to the McGrath opportunity. It is believed that they were willing to buy about $504 million in stock but were offered only $128 million.

So would you buy a real estate agency business at a time when the market appears to be topping out? Why is the smartest guy in the business selling out now? Is this actually a sign that the residential property party in Australia is over?

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.