absolutely smashed, page-9

This time last year, CSM was a 'golden boy' stock - it could do no wrong. Its Chromite and manganese operations had been expanded, manganese prices were at the highs, and the MD was a guru.

Then the guru made the decision to retire and manganese went through the floor. CSM made the sensible decision to diversify, chiefly through nickel in the near term. CSM flagged significant capital expenditure and the share price went south.

Now we have a nervous market, particularly in the resource sector, and it's tax loss season.

Yes the market could drop another 10%, and CSM alonng with it. However, there is a share buy-back in place, tax loss selling will abate in coming weeks, the forward-looking dividend yield is strong and the Nickel operation should provide very good EPS growth.

I'm in @ 2.03.

angus