Ann: Change of Director's Interest Notice, page-10

Looking to buy back after selling recently near the recent highs. I'm looking to re-enter but finding it difficult to justify 160x forward p/e ratios, this just seems like bubble territory like the dot-com days. Sure WTC is a great business but is it worth ~$17billion? Hint: have a look at the NPAT and EBIT, you'll see what I mean. If it would take 20 years to justify growth in earnings, generally that means it's overvalued at present times (otherwise why would Richard continue to sell after he's already collected almost $0.5billion in share sales?).

Going to wait for a rational entry position in the mid-40's, just cannot justify a mid 50's share price, think the investment banks have it valued more correctly than the irrationally exuberant market currently.