pe ratio is 6.6, page-34

BRIAN

Buying for the long term is great if you live as long as Methuselah.

It is even the best approach most of the time.

But it must be recognised that looking at the last 10 or 20 years is no guarantee of future action.

Looking at the last 1,000 years like Methuselah is no guarantee.

Obviously the longer the time frame, perhaps the better the odds, or is it the closer to a new paradigm.

It is also too easy to look at things in current dollars rather than constant dollars or gold or other alternatives.

If your investment doubles in 20 years but your dollar buys a fifth then you are going backwards. It may be better than if your investment didn't move, but at least you would want parity to currency devaluation in real terms.

I am old enough to remember when being a millionaire was something.

Today it probably means you are an old age pensioner in a a beach fibro weekender.

I agree that if you are young then buying now means in 24 years you will be laughing but it may take 5 years or more at least before you smile.

For those laughing in 24 years, 5 years later many will probably be destitute.

Same story, different actors.