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A new year, and soon a new administration, is starting with a familiar paradox. | David Dee Delgado/Getty Images
DRIVING THE DAY
Why, yes, thank you, and nice of you to say. Happy New Year to you as well! No, no nothing special. We got pretty good carryout from the Bombay Club, then went to bed well before midnight because I had to be up early for my stint as guest author of Playbook.
ASX 200 drops over 1%
Tristan Harrison | December 22, 2020 4:33pm |
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6,600 points.
Magellan announced it’s buying a 10% stake in GYG for $86.8 million. GYG is an Australian based quick service restaurant chain specialising in made to order, fresh Mexican food with 147 restaurants across Australia, Singapore, Japan and the US.
GYG is led by founder and CEO Steven Marks as well as chairman Guy Russo, who used to be the CEO of McDonalds as well as Kmart and Target.
Hamish Douglass, the chairman of Magellan, said: “We are extremely pleased to become a shareholder in GYG. Magellan has deep investment experience in the quick service restaurant industry and we believe Magellan can both add and gain considerable insights as a major investor and supportive shareholder. GYG is a world class business with enormous growth potential and represents a highly attractive investment opportunity for our principal investments business.”
2 reasons why the Magellan (ASX:MFG) share price is attractive
Tristan Harrison | December 22, 2020 3:16pm |
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Magellan Financial Group Ltd (ASX: MFG) looks attractive, according to a couple of fund managers.
A quick overview of Magellan
Magellan describes itself as a specialist funds management business established in 2006 and it’s based in Sydney. Magellan Asset Management managed approximately $103 billion of funds under management (FUM) at 30 November 2020 across its global equities, global listed infrastructure strategies and Australian equities for retail, high net worth and institutional investors. Magellan employs over 120 staff across the world.
Magellan’s investment in Guzman y Gomez (GYG)