BushThe $1m question is how long the wait? Have fired enough...

Bush

The $1m question is how long the wait?

Have fired enough bullets at this one to average down. Happy to ride the wave all the way to the beach now.

If I get eaten by a shark along the way, so be it

If BHP is successfull in takeover of RIO,I am sure as Shite the sale of some of there IO assets are not going to be in our neighbourhood looking at the big picture.



Anyway will still be here in a few years time waiting to watch it all play out.

as for bargains were do you start.

Picked up Westpac and NAB yesterday.

Figure they can just about halve their dividend and still average out at 4-5%FF. Financials will lead us out

Sooner or later the cash on the sidelines will come back into the market if interest rates keep going down.

Hedge funds in america are holding 40-50% cash

On sqwauk last night they were commenting on some statistic the banks have with the fed.

Can't quite recall but to give you an idea of the cash on the sidelines, and banks not lending, the daily balance of funds is normally between $500M TO $1B.

This same average funds balance is now sitting at over $400B.

They also commented at the end of the day bankers will be bankers and will seek higher returns.

IMO bottom will be after first reporting season 2009, lead by a flurry of M&A with the companies sitting on cash.

Cheers