ann out re imf litigaition, page-23

Baron,

We're kicking back here at Swap & Co. with a bottle of our favourite alcoholic grape juice.

We do this for a living (investing, not drinking) and I can safely say that after the amount of research we have put into Centro, we know it better than most.

We increased our holding today.

Based on the announcement yesterday, we were never going to do anything but get some more. Didn't get them at 45c like some lucky people, but still happy with the result.

If it keeps going down, we'll do the same. Funds and policies permitting.

IMO, what we saw today was a short-term, uninformed view driven by retail holders. Some expected a run and bought early, selling later for a loss. Others who held longer term became disillusioned and sold. Day-traders who could have caused a run saw the writing on the wall and either stayed away or shorted. The undecided people were too scared to buy and will remain so for a while.

This is the point where the market separates the smart investors from the others. It's great.

Instos haven't been playing in CNP in any great numbers for a while, but in time they will.

I am putting together a separate posting on why I think the company will start to work on investor confidence and the SP. I'll try and get it out soon - inebriation permitting.