I am struggling to make sense of it all - normally Im a...

I am struggling to make sense of it all - normally Im a conservative value investor - and I didn't plunge into GPT looking for risk which is all it seems to have found...

The risk-flavor that i can garnish from this week is that "maybe moody's will downgrade the credit rating, which may affect GPTs ability to refinance euro 1bn of debt when they come up to refinancing in... 18 months time...!

So, because of this dire terrible risk, lets shave a further $2.5b off the stock price...

Today's market cap is about $1bn. I hate to trawl up the NTA debate again, but with 5bn of assets after all debt and complete write-downs, 1bn market cap is an 80% discount applied to assets.

Just imagine if that reflected the real state of the world.... completely not rational.... otherwise, all I can think of is that what I know and have learnt over years is just completely irrelevant.