Arden268/Ted, don't get me wrong: I like EDV but sold as it...

Arden268/Ted, don't get me wrong: I like EDV but sold as it thought it was due for a price fall (which has since occurred, as noted in the month-old report) and I was also worried about cashless gaming cards coming in. The risk of the latter has probably reduced in NSW.

EDV has quality assets but can't compete in returns with NHC/WHC/YAL that I hold. Sectors are wildly different.

One aspect re population growth that isn't discussed is for instance if a major percentage (say 20 per cent) are Indian and/or Muslims, many either won't drink or do so rarely (although as they 'Australianise' there may be some sotto voce deviations).

Against that, the Federal Labor Government believes in the Ponzi scheme of high immigration. If 250,000 plus flood in per annum, the overall population will rise even accounting for the lower birth rate per woman than 40 years go.

International tourism arrivals are still nowhere near what they were in 2019: roughly a 40 per cent decline. While this may not change quickly, at least some are coming (although others have been put off by images during coronavirus of Victoria in particular presenting as an extremely vicious 'police state)'.

I also sold UMG many months ago as I perceived it had poor management compared to GNC (the two were once together). However in recent times UMG's SP has risen/ It's the 4th largest global maltster. That bodes well for EDV if we can extrapolate to Australian retail sales.