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It's clearly an issue. Performance fees will come and go, but the assets they manage have also grown so base management fees will increase.

It's a disappointing result. Clearly, given the result, they do need to do some work on their operations.

When you put his arm that was not bitten into an uncomfortable position, he does try to move that into a position of comfort, ... He wiggles his toes. As yet, we don't have a sense that on any continuous basis he knows exactly where he is ... but he does respond to outside stimuli.

The stock had a bit of a run leading into the result. We're happy with the result and the 10 percent earnings guidance.

Clearly, it's the industry conditions and the regulatory environment that's damaging the pricing for the Telstra sale.

We are almost certainly going to participate.

The buyback is a bit larger than what was expected.

We are cautious and the market needs to take a breather as it has run very hard.

We're comfortable that the recovery is on track, although it's going to take a long time. Some investors were hoping for a positive surprise, and the stock is down a touch, but we're happy with the company's strategy.