Graham>Finally .... more applause ... the recurring criticism of...

Graham

>Finally .... more applause ... the recurring criticism of me is that I “bag” PaperlinX. Well, I say that I document the facts and figures from many sources; then draw a conclusion based on experience. I call it "analysis vs opinion".

What I object to is what looks like an attempt to put PPXs prospects in a worst possible picture as possible. I believe that this is NOT in the interests of shareholders in PPX or PXUPA unit holders. THe only rational explanation I can see is a belief that such bagging would lead to an early demise of PPX and possibly trigger a payout to PXUPA holders. My instinct is that such a belief is misplaced.


>I’ll leave you with one tantalising clue about "big pictures" – I believe 2009 wasn’t the bottom of this equity market cycle. The bottom will be in when many ASX 100 stocks trade so low that their div yields approximate their PEs, and both are less than 10.

Now this COULD happen but is probably unlikely. Again what is the motive for promoting doomsday outcomes? Is Graham advising we should sell all our equities and sit tight with cash in the bank?