Ann: CSR Limited Chair and MD addresses to shareholders, page-4

Always hard to predict the bottoms and tops with CSR, but the seemingly regular multi-year price cycles have been very profitable for my SMSF. I hold a base amount but then accumulate more for yield when it's above 7.5% (low price like now) and distribute when it's below 5% (high price like last year) and enjoy both dividends and capital gains.

The current price drop is likely due to inflation discounting the value of the yield (7.5% yield with possible 7% inflation is not so appealing!) as well as maybe some fear that high energy prices will crimp margins, especially in aluminium where their sale price is hedged/fixed into the future. But most revenue is from building products and land where CSR should have some pricing power so are likely to be able to increase revenue and the dividend in line with inflation.

Seemingly the market does not agree with me at the moment, which as Buffet would say is the time to invest...