Charlie Aitken warning on 'perceived defensive equities' and...

Charlie Aitken warning on 'perceived defensive equities' and 'equities with 'bond-like characteristics and durations'. Specifically mentions Transurban and Sydney Airports (about 10% of URB's portfolio)

Can't post, but see Switzer Super Reports for full details (subscription).

PS. Was looking at Dicker Data's (DDR) September 2017 presentation, where they say their new distribution centre, soon to be constructed, is estimated to cost $55m. Not sure exactly how it compares to the Preston for size, but may give some sort of idea of costs.