Update, page-60

Bioshares are certainly entitled to their opinion, and possibly could be right. Here is some background from their website "about us":

"Since establishing BIMA, Mark Pachacz and David Blake have gained a solid reputation for thoroughly examining investment opportunities and providing balanced analyses. Blake and Pachacz have successfully harnessed skills in chemical engineering and market and economic analysis, to training in investment analysis to meet the demands of valuing and analysing one of the fastest growing sectors in Australia's stockmarket.
Mark Pachacz is a chemical engineer by training. He is a graduate of Monash University and the Securities Institute of Australia.

From 1995 to 1998, David Blake was the Victorian Government's sole Housing Market Analyst, responsible for monitoring trends in Victoria's housing markets. He produced the highly regarded 'Rental Report'.
David is a graduate of the University of Queensland and the University of Melbourne, and the Securities Institute of Australia."