The funny thing I find in all this is that the selling is reportedly caused by foreign investors who now think Australian shares are too expensive. So they're saying shares like WOW, WES, TLS, CCL were fine 2 months ago but now after they've fallen 20% to 40% in USD terms, they're too expensive.
I mean I can understand banks and mining shares being sold down because of falling resource prices or increasing credit risks, but how can shares like supermarkets, a utility and Coca Cola be worth up to 40% less in USD terms in the space of 2 months? It's madness.
Good long term buy opportunity for non-bank and non-resource blue chips at current levels IMHO.
