Sections from The Age today below, GBG is far from alone in this beat down. Though with the GBG resource upgrade due end of this month early Aug I think we'll be back on top.
Sentiment is vastly more important than the numbers at the moment. We simply have to wait for it to change.
There are some very odd things going on and they don't make sense. Either all our fundamental assumptions are wrong, Macquarie and Westpac are going bust, 33.4% of Fortescue's pegged resources have disappeared from under our noses, the average building in Australia is worth 47% less in eight months, or we are in the middle of one of the biggest non-fundamental sentiment swings seen since March 2003.
�¡Babcock & Brown was up 47.9%. This year down 79.7%.
�¡Minara Resources was up 199.6%. Now down 73.1%.
�¡Perilya, up 82.8% last financial year, is now down 87.5%.
�¡Paladin was up 100% and is now down 41%.
�¡Zinifex is 61% off its high, despite a bid.
�¡Toll Holdings was up 80.5%. Now down 58.5%.
�¡MFS was up 47.8% but is now in discussions with its bankers.
�¡Macquarie Group was up 23%. Now down 50.7%.
�¡The banks fell 36.4%.
�¡The property trusts fell 50%.
�¡NAB, up 16.7% last financial year, is 37.4% off its high.
GBG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
