@woollydog Good post. Same here, in my living memory I haven't seen P/Es for these (and add in AUI &DUI) as high as they are now. All to do with the safe $ return as opposed to Fixed Interest I guess.
I always use after tax NAV when assessing where a stock is at. (contrary to most others I think)
The worry is when inflation rears its head again (not soon?) and interest rates rise to contain it, these share prices will drop accordingly.
Lately I took the top off my ARG AFI AUI MIR and planted it in SNC PIC & WMA. (yes I know they are smaller). I do hold WMI and sold all WAX earlier this year.
Cheers Riv
Overbought?, page-6
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