Fully understand where you are coming from. You have great depth...

Fully understand where you are coming from.
You have great depth in analyzing this company, I think JOE was another person. I learned a great deal about the company from both of you.

In the last cycle, I could not have played better. Not bragging but emphasizing why I am so concerned about the macro picture:
I had 75% cash going on to the 2020 crash (based on overall market valuation/taxation but potentially 6 months early having that much cash) and fully invested by May 2020. Started selling my positions in June 2021 and by December 2021 sold 65% and bought the three properties with interest rates fixed for four years (potentially bought the properties near or at the top, but serviceability is easy because of fixed interest rates). Never going to get the timing correct like that ever in my lifetime as some of the equities that I sold declined by more than 50%. Now I am probably at 70% cash+ property when I consider the initial position.

I have realized property is a great investment in Australia due to the " dumb politicians" of Australia. Their scheme of making housing affordable is letting young people with super balances of around 30,000 take money from super to help with the affordability. Econ 101 fail. There is an ingrained passion in Australia for property and, If you listen to the REA CEO, in terms of looking for property, we get the gold, silver, and bronze in the world.

I increased the rent substantially (still below market rates as I feel the market rates are so high) and it was as predicted an excellent hedge against inflation. Since my interest rates will be renegotiated in 2024( potentially after a very low growth rate/ recession). I am expecting rates to initially go up and then by 2024 we might go into another easing cycle. I am indeed very lucky. All these decisions are based on Macro themes and a top-down approach.

If my thesis is correct and the market goes another 15%-20% down, this would be one of those times you can make a multi-generation portfolio with a very low-cost base. Unfortunately, I wish I had more cash (Don't we all).

Still, CCP and MQG are my largest holdings.

Good luck to holders.