Ann: Sales and Full Year 2022 Results Update, page-24

I've bought both HVN and JBH this week, trading on PEs will <10. Hugely pessimistic market.

Market pricing in a GFC-type scenario of raising rates, house price crash, broke households etc. Armageddon.

Not to say that's impossible. But I think central banks will have to cool their jets at some point, these 'psycho' rate rises are going to have an effect. How big, who knows when, that's the big question. I like the analogy, I think it was the CBA Chief Economist, of having five vodka shots in rapid succession, just because you're ok now... interesting times ahead.