heads up!!!, page-9

Thanks Capitain, for playing devil's advocate. It is clearly an underrated role here in these forums. Just because you no longer hold a stock doesn't mean you can't have an opinion.

Movement in share price one way or another doesn't mean that someone's valuation or view is right or wrong. You can be totally right and prices can run beyond your view and then fall back. I am reminded of the handfull of investors that picked the global financial crisis and the US housing disaster - they were short everything that the herd were long and considered crazy because they thought US housing would come off when in 80 or so years it had done nothing but rise (read the The Big Short by Michael Lewis). That was a once in a life time bet that came good. They'll dine off that forever. But that game is not for everyone of course.

Shares can be overvalued as much as undervalued. As the great man Waren Buffet said by way of Benjamin Graham "Price is what you pay. Value is what you get." When everyone beats a drum I am more wary that price has gone beyond value. It's a rule that has worked well. What encourages me right now is that there is still a lot of negativity out there from journalists y way of their broking contacts. Brokers are wrong more times than they are right about these things.

I am still holding but realise the risks I am exposed to with the debtors, who always get paid first. Sure, there is some seperation but CNP do hold a controlling interest in CER and that is still scary no matter which way you look at it. We are all minority shareholders here. Minoroties get screwed a lot. And you can comp[lain about it all you want but that's the way it has always been and will be seemingly forever more.

Having said all that these asset sales must go through at valuations above book. That's the only way I see CER getting further momentum and realising further "value". Speculation about asset revaluations is still speculation. REITs are trading at discounts to NTA across the board because there is still scepticism about the independance of these valuations.

If I'm beginning to sound negative then so be it. My intention is simply to get a handle on the risk and make sure I am going to get a commensurate return for the risk I am taking with this thing.

Good luck to all. I hope you realise your value.