bought at 24.5, page-70

1) Commercial property in the US will and already is being affected as the US falls into a recession. Properties acquired by Centro at top dollar are sub-quality and as spending dries up we will find a few of these centres turning into skeletons. And no 100% gearing is not ok in the current climate, which is why CNP is in the position they are in.

2) Have no idea what you are talking about here.

3) The gearing is too much for comfort

4) And there'll be a few more writedowns before this is finished. Why are the writing down? Its an admission that they have overvalued and overpaid for their assets in the US.

5) You obviously didn't understand the points I made. Its not about the revenue, its about the high debt levels.

I'm not at any stage saying that CNP will not come out of this. They very well may. What I am saying is without the plan of attack no-one really knows right now where CNP will be down the track.

I say follow the trend. Why try and pick the bottom. Why pay 50c for the stock on the way down, why not buy it for 50c on the way up. It's a risky play. I see much better value elsewhere personally.

Anyway we're all entitled to our opinions. You say buy I say don't.