independent valuations, page-18

agree , buy in gloom. But dont buy in to complex business models with heavy gearing in times when banks are getting edgey. Buy cheap physical property if you want real exposure to real estate, at least you will controll the debt exposure.
If you want a punt, buy Valad.
I have found in my experience the commentary is always behind the actual market. When markets are booming , the boom is well and truly underway by hte time the analyst report it. Same when markets are imploding, the commentary drip feeds historical info. Its like the banks, drip feeding their bad debt exposures, revealing more write downs again this week.
Office markets now revealing higher vacancy, falling rents. And these new reports do not tell the entire picture.
Time will tell.
No point reading Valad FY08 reports, this is meaningless now over 8 months on.