Ann: FY23 Results Presentation, page-25

Took some profit on Yal a few months ago (in hindsight maybe too early, but I had held the YAL position for 12 months and captured the CGT discount, the remaining YAL position is a firm hold).

Yal and ABG are very very different stocks and underlying businesses. Whilst both are cyclical, the cyclical nature of each is different.

ABG is deeply out of cyclical popularity (just as YAL was previously). ABG also represents hard easily identifiable and transferable assets, YAL doesn't.

(Try flogging of a tangible asset in a resource company when the market doesn't want it)

Happy with my ABG position, and hoping to top up... but patient on the price to executive, given I have a decent position already.

My view point on this is several years, not any short term trading opportunity.

And my personal view is no way RBA rates at current levels will hold (for next 2 years, there maybe an Aug/Sept rate increase but if there is it will just push further and increased reductions in the years to come), its only a matter of time before they drop. Exact timing is uncertain, but they will drop.

I divide my investing into 3 divisions: my businesses, my shares, and my direct property investment (centered around residential).

My residential has done well from rental increases, and I have acquired 4 additional residential distressed properties in the last 2 years (all very very much cash flow positive) But I am now seeing a slowdown in the ability to increase residential rents at the same speed as previous years. This will flow into CL25 official inflation rates. This will effect RBA interest rates in CL25.