I’m of this view. A great article in the Australian over the...

I’m of this view. A great article in the Australian over the weekend showing chinas overall imports and consumption of wine over the last few years. It’s down drastically. So whilst it’s obvious specifically TWE will resume exports, the pie is circa 40% smaller, so lazy analysts have simply assumed a 50% reduction in boom time Chinese earnings to $100 by 2026. I dare say this is fully reflected in the share price now.

I’ll look to add in the $10s again if it goes there. The 6 months results outside penfolds were poor. I still hold our core allocation in this, albeit I’ve trimmed circa 50% of our holding from $11s to here.