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"You just can't find good businesses in Australia for seven to 12 times earnings, they are usually the penny dreadfuls," he quipped. "Australia has become a very narrow market. We've got such a great super system but there is a mismatch when you've got this constant flow of money that can force valuations above trend." The latest Mercer Investment Survey as at June 30 noted, however, that the median Australian fund manger returned 14.2 per cent over the year, just shy of 15.6 per cent for the median offshore manager. The differential was
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