The Macquarie Group Ltd (ASX: MQG) share price hit its all-time high less than two weeks ago and it hasn't fallen much since.
On 5 November Macquarie's stock hit a record $204.22 in intraday trade.
At the time of writing, the Macquarie share price is $202.92, 0.12% lower than its previous close. That's also only 0.63% lower than its shiny new record high.
For context, the S&P/ASX 200 Index (ASX: XJO) is also in the red. It has fallen 0.53% so far today.
But if potential investors are thinking they've missed the Macquarie train, we've got good news.
Two fund managers have backed the Macquarie share price, predicting it's one to hold for long-term growth.
Are Macquarie shares still a buy?
Marcus Today founder Marcus Padley and Elston Asset Management director and co-founder Bruce Williams both believe, due to its business model, lack of competition, and customer service, Macquarie shares are a strong long-term investment.
In fact, the fundies told Livewire the operator of an investment bank, fund management services, and a retail bank is a share they could hold forever.
Padley stated the Australian banking system and a lack of investment banks leave Macquarie in a competitive position. Livewire quoted him as saying:
In the US, the competition amongst the investment banks is savage… But not in Australia… The high-street banks have been left alone by the international banks to operate a quasi cartel that politely carves up the Australian essential banking pie, and so profitable is it that they really haven't had to work for their money, innovate, or be clever.
Williams pointed to Macquarie's leadership as one key to its success. But now, the institution is leaning in towards new market opportunities. Williams was quoted as saying:
A couple of examples include a focus on leading digitisation in Australian banking, infrastructure development and investment, and most recently a focus investing for a sustainable future through social and renewable energy infrastructure development.
Additionally, Williams believes Macquarie's business model lets it be flexible when it comes to new opportunities.
However, both fundies noted the Macquarie share price will likely have a level of unpredictability going forward.
Padley said Macquarie fares best when the financial market is moving upwards and struggles when it corrects. Williams notes the company's position means it will sometimes need to push through volatility in its revenue and profitability.
