very good time to buy, page-17

Interesting article in today's SMH about Macquarie's unrealised losses in its holdings in listed satellite funds:

http://business.smh.com.au/macquarie-loses-750m-20080608-2nlb.html

The writer states that MQG has lost $750m due to SP falls of Macq Airports, Macq Media Group, etc. but that these losses were not included as write-downs in their financial statements, as they value these assets at their book value (which has not fallen substantially), rather than their market value (which has fallen by $750m).

I don't think the fall in SP really matters provided the book value is still there, as essentially this means that these companies are trading at a more favourable price:NTA ratios (ie a good time to augment holdings). I have a small direct stake in MQG but overall have 3% of my portfolio in MQG via index funds and listed investment companies, including ARG, which has ~7% of its portfolio in MQG (~3.8m shares). I think now is an excellent time to add to long-term holdings of ARG or MQG (provided you're willing to tolerate some potential short-term downside).