The Market can stay irrational longer than many can stay solvant.
The Market forces are driven by agendas rather than Fundamentals, Look at how hard the Real Estate has pumped up.
The Fear of missing out has sucked in so many into buying Units that will be lucky to hold value as they get worn out by tennants.
Same as the average home that was built 25 years ago for 120 grand all up with land. The only reason they were all built in the Kath and Kym style was thats all we could afford to build with a 100 grand budget on house and land.
Now suckers are paying nearly a million bucks to buy the 20 year old POS house that wouldnt sell for 500 bucks in bits on gumtree.
Markets can run a stock with no earnings like Amazon up to the sky, and a stock like MYR that has assets and does make money, the Market shorts it down.
Its Financial Mafia at work being a Bully. Look at most stocks on the ASX every week or so is an announcement "AppendixB" or something.
Eg (taking the piss ) *Those announcements Appendix 4G or A3 etc say....... Bla bla director has decided to issue himself another million shares this week for doing SFA in accordance with the Listing Rules that the ASIC mafia all play anong with. He has now got 4 billion performance shares and 6 trillion other shares for free as his holdings and has paid for none, But in the announcement it would say he decided to transfer 10 billion shares to his family trust in accordance with the Mafia Listing rules ASIC nods and smiles to.
This happens on almost every stock on the ASX, every other week.
The whole market is a Mafia style sham. Forcing stocks up to values beyond their worth and forcing stocks down well below their worth.
Myer IMO is worth alot More. In a god Market would be around $2.50 even with the current earnings projections.
(20min delay)