future, page-23

Just been to in Europe traveled to Spain and Greece


In Greece AEZ has 25% of of its value(portfolio) - as we know things there are not looking good; I sow a lot of immigrants from Africa and INdia ; There are lot of markets on the streets; Streats and streets in the city (near Acropolis) full of immigrant selling all kind of stuff;

Response from shop owners been that situation is not good;

In Spain - it looked a bit better but still relatevely unsetling; Many people ( as per AEZ slides 20 unemployment) - Spain represent another 24.6 % of value (portfolio for AEZ;

Looking how much ROmanian property droped in value (36% - refer to AEZ report)


I would prefer to wait to see how things will develop;

I invested in Japanse REITS ( in the hope that after so many years of decline - deflation , with new PM pushing for inflation) i could do ok; But who knows !?


We are betting here more on economies rather then particular companies;


Strong AUD does not help either;