Macquarie Group Ltd (ASX: MQG) shares have been hit hard by this bear market but I think they could still be a millionaire maker. The S&P/ASX 200 Index (ASX: XJO) is down 19.48% in 2020 but the ASX banking share is down 27.65%.
But if you're looking to become a millionaire through ASX shares this year, here's why Macquarie could be in the buy zone.
Why Macquarie shares could make you a millionaire
First things first, the current crash isn't the same as the Global Financial Crisis. Confidence in the banking system was at an all-time low and financial markets were in turmoil.
Macquarie shares were absolutely hammered in the GFC. When markets hit their lowest point in March 2009, the bank's shares were changing hands for less than $17 per share. That means if you'd bought at the bottom of the GFC, the current $99.50 share price has delivered a handsome return.
In fact, that would be a more than 400% gain to date. Before the bear market crash in February, Macquarie shares were up more than 700% from March 2009.
However, the banks are in a much stronger position now than in 2008. That could make the ASX banking group a good value buy right now. If you want to become a millionaire through ASX shares, Macquarie looks like a good place to start.
It's currently yielding a tidy 6.13% at a time when dividends are scarce. While that could still be trimmed back, I think Macquarie is in a strong position for future success.
If Macquarie shares can bounce back to their 52-week high of $152.35 in the coming months, you could lock in a gain of more than 50% from today. That's a pretty tidy return if you have some spare cash lying around.
Foolish takeaway
While the banks might cut their dividends, I think that's a temporary measure. Macquarie has diversified income across many markets, and lower residential exposure than the other banks, which could boost Macquarie shares higher in 2020.
