In an article in "The Age" today, stockbroker Marcus Padley starts to list major companies which are down a lot from recent ( late 2007 ) highs.
"n Australia, nothing has been spared. In the quality end of the market, National Australia Bank is down 46% from peak to recent trough, ANZ down 50.8%, Commonwealth Bank 39.4%, Westpac 39.9%, Macquarie 54.2%, Origin 51.8%, St George Bank 43% (despite a bid), Westfield 39.3%, Suncorp-Metway 47%, AMP 44%, Newcrest 39%, Santos 46%, Foster's 73%, Brambles 49% and Fortescue 53%. That's before we get to the stocks that are down more than 80% like Babcock & Brown and many others."
'Ang on ! Origin down 51.8% ??????
Marcus' math looks a bit off when it comes to Santos and Foster's too.
So he can't do a simple calculation ? Join the club. Perhaps he can become a manager at Connex.
marcus padley has lost it
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