the age article, page-16

funny you say that i was advised against investing in fmg at there lowest price 1.90...

You and thousands of others. During the whole debacle, I became very very cynical of many brokers and journos who simply let their egos get in the road. Once they bad-mouthed FMG they could not bring themselves to change their tune. I've been a market student for many years, and I must admit that I have never seen anything like the campaign waged. Macquarie and many others looked just plain incompetent. And they were. Their egos ruled, which comes back to another favourite subject of mine, exec salaries. The heads of all those big brokers are paid millions, so they can't make mistakes, can they?

As for FMS. We all know its worth more, but my feeling, - which could be entirely wrong, - is that in the current appalling market environment FMS will seal the deal at 30 cents. I think the spec boom is over, and many companies with good resources but no money will simply fade away and their deposits languish until another day. FMG has its hands full.

I just can't see any of the excitement that brings out higher bidders. We are probably lucky to get this one. But I'm holding for now.