With the caveat that I haven't followed the stock much, is it as simple as the stock having returned about 40% in almost a year to the peak last month and due for a breather? Then when you say the P/E looks reasonable, did it move into the low 20s versus a 5-to-10-year average of circa 14-15 times?

Like a lot of large ASX companies did the index funds simply push it too high?

@stevegreenycom , thanks for replying. Yeah I had considered it could well be as simple as that, profit taking and sentiment etc., it does make me wonder where the money is going though, it has to go somewhere.

@tomsmithidg ive been a long term holder but a seller of some earlier this year. why? possible trump volatility which impacts market activity ECM etc, and neg for market levels for funds mgt biz but on the other side MQG does make $ from vol in the commodities trading biz but overall negative, the second point is that MQG has a large green investment strategy and portfolio, with trump anti-green there was a chance of wind back in policies, for the next few years anyway. put all that with trading well into ATH time to take profits.

MQG are masters of adjusting to any new environment but there are a few possible headwinds, and i stress possible. im a buy i the $170 range.

@Solvetheriddle yeah I hadn't considered the big green investment portfolio, could well be part of the reason. I'd be surprised if it gets back down to $170, but if it does I'll be onboard as well.