face down friday, page-70

pretty amazing situation.. some companies now on 13-14% divvy after imputation.. prices still slipping cos of fear about debt but some of these companies are less than 30% leveraged and have secure sources of debt for 5-6 years out from banks, not the wholesale market. ok, there might be a drop in the divvy along the line but still, it would have to halve to just match current deposit rates. Seems to me that this decline is well overdone, aside from the sentiment factor of course.