Buy, page-117

"Should I have taken (more) profits? Yes probably, especially given I always thought NSW would probably end up where it has."

Except that - while you seem to want to use the situation in NSW to score some cheap political shots - it does not explain why SCG is under-performing.

Because the shape of the SCG share price is virtually identical to the price charts of other retail REITs, even though those other REITs have either very little exposure to NSW (VCX has about 10% of its NAV domiciled in NSW), or zero exposure to NSW (eg. CDP).

Share prices of all three of those REITs are back at levels last seen in November 2020, and all three have fallen by very similar amounts from their 2021 highs (CDP is down 13.5% from its high, SCG is down 14.7%, and VCX is down 15.2%).


'Well yeah but I didn't buy off the Lowys at the top of the market. Didn't even consider it"

Not just atop of the market thing. A structural thing. The conditions which I strongly suspect induced the Lowy's to walk away from their baby, still exist today. Check out the capital flow mechanics through which distributions are funded.
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