I dont believe there is much upside in this stock in the short...

I dont believe there is much upside in this stock in the short term.

Europe - Goodman has most of its development land in the UK and Europe. These properties were all bought at the top of the market. The last time I looked Europe and the UK is still in financial trouble.

Japan - Goodman bought 50% of a company called JREP at the top of the market. This is listed on the Japanese exchange. I dont believe this share price has moved of its lows. The last time I looked Japan was still performing very poorly.

Australia - Goodman has bought development sites, in Brisbane, Sydney West, Melbourne, Adelaide & Perth. Once again all these sites were purchased 3 years ago at the top of the cycle. - I can honestly say that there is not many precommintments to industrial space happening at the moment.

Yes Australia is doing extremely well compared to the rest of the world. Do yourself a favour and go for a drive around Sydney Industrial areas and have a look how many warehouses are available with Goodman for lease signs are on them. I can tell you that there is about 100,000m2 of vacant Goodman warehouses between the city and the airport.

Yes Europe will come out of recession and the land will be developed and the warehouses will leased but WHEN!!! Please remember that Goodman is not the only company that owns development land in Australia. There are companies such as Dexus and privates like Lang Walker who are significant Industrial players. I can assure you that they did not buy at the top of the market and when it comes to doing a development deal they do not need to do it at the rate Goodman will have to do. The others will be far more competative.

Oh dont forget Goodman still holds 5% of IIF.

Goodman made all of their money out of spinning assets into wholesale funds. You need to ask yourself. Is there an appetite for wholesale funds. My opinion is not at the moment and secondly they would only sell properties that they developed into wholesale funds. This is also not happening.

Yes I am an ex employee and please dont believe all the spin that Goodman puts out.

If your purchase price is lower than 60cents I would suggest that you have done very well and move your money into other stocks. There is no upside in this stock for quite some time.