True "screaming buys" are extremely rare.Hidden traps more...

True "screaming buys" are extremely rare.
Hidden traps more likely.
As has been widely observed, the points are
1) The Merril-Lynch rating was BEFORE REU revealed current liabilities and suspended distributions. I think we all thought the Rubicons were a fairly good bet AS LONG AS THEY
DID NOT HAVE TO SELL IN THIS ENVIRONMENT. But they do.

2) Fell has mismanaged the fund so they HAVE TO sell assets quickly in a buyers market. What they will get is the 64,000 question.

3) The original assets, though they looked good (fooled me) were acquired on the basis of maximising short term commissions for management. NOT on unit holder's interest. Indeed, that is probably right through the Allco mess. How can anyone trust these people to act in interests of unit holders, especially now that management co owns no units?

Yes may do very well, but for my money I think MPS is much safer bet. About 1/2 NTA, and still paying dist of 21%.