Still churning out the profits

The last time Macquarie Group’s shareholders endured a recession, earnings halved and the share price fell 85%. It took six years for earnings to fully recover, and a decade for the share price to follow. The pandemic has panned out differently. Macquarie’s share price still fell 54%, but this time it has only taken a year for it to surpass its all-time high. At least for now, government support has helped borrowers, restored confidence in markets and kept asset prices afloat, which is good news if