dumping, page-7

I think we are simply in a very bad market and this is basic economics - more sellers than buyers. I'm not sure there is anything going on past this. For months we have heard speculation on HC about accumulators, yet despite 4.5bn (yes billion) shares changing hands since Dec 17th, no new sub holder has come to light (aside from Vanguard who came, then went).

The ASX200 hit the lowest point since Aug 06 earlier today and there is a good chance things here, in Europe and in the US are going to slide even further. There is a lot of negativity and poor sentiment. This will not continue for ever, but it is here for a while.

Centro is a very high risk company with major reputational problems. There are a small group of people who know the company, have researched it well and understand the potential for the future. They are holding tight and maybe topping up here and there. Aside from the day traders, who seem to have moved on, I really don't think there is a whole heap of interest in the company from anywhere else.

Markets have a history of periodically mis-pricing assets, up or down, due to sentiment. The downside is where value investors make their money - unfortunately at the moment, there aren't too many of them around and those that are, have rich pickings elsewhere.

I think patience will be rewarded with Centro. A couple of trigger events, like assets sales, will put this back on the radar. Meanwhile, we just have to go with the flow.