pkf reit monitor 2011, page-4

The fact that stocks like BBG can be recommended by "value" investors (unfortunatley they manage a lot of dad and mum superannuation money) is absolutely astonishing to me.

What true long term value can be ascribed to a business selling surfware, with huge overheads of keeping hundreds of physical stores (in the era where online shopping is taking off exponentially).

True they have cash flow for now, but how can these investment geniuses think of them as less risky than, for example, MIX? The sentiment can change, people will start buying different brands, online, cheaper, etc. - is that not a risk?

They pour over accounts and business data figures in great detail, and then miss a gorilla sitting on the table, like the fact that the younger generation shops using their Ipads and Iphones and not at Harvey Norman.

I look at what value investors are doing and do the opposite, works really well so far.

When I get my 20c per MIX share I am putting at least some of it in shorts against retailers.

Sorry for a bit of an irrelevant rant.