I think the results are relatively good given the level of the...

I think the results are relatively good given the level of the share price. Dividend is also fair, but I also think they should be buying back stock. Chairman's recent statement that company was fairly valued didn't make any sense to me, unless they know something that we don't which will affect share price going forward. Their conservative strategy should pay off this half and beyond and relative returns should rebound. After recent share market falls, their strategy will appeal to investors who want a real return after inflation, opportunity for deep value upside, but with meaningful downside protection.They can legitimately sell themselves as good managers in difficult times, which are now well and truly upon us.
I do query the increase in costs. The Communications Director is being paid an extraordinary sum of money -- about $1.5 m last fy excluding non cash deferred incentives/remuneration. Not much to see in the way of inflows, but may be she has been effective at stemming outflows.
Last night's US market action is a nice curtain raiser for the analysts presentation which is reinforcing Clifford's message about bubbles and overpriced markets.