Can't agree more Nic.5% rental returns when fully hedged end up...

Can't agree more Nic.
5% rental returns when fully hedged end up here in Oz as 11% returns (once you get the hedge premium from the difference in cash rates of 6.5% v 0.5%). This probably helps Rubicon and the others get away with some steep management fees that people don'tike paying and that hurts theprice. Add in the achieved rental increases and discount to NTA and prospect ofasset revals and teh possibility of gains if teh AUD heads sub 90 Yen I fidn it hard to see why this isn't a buy. Never going to achieve possible resource stock returns but there is nothign wrong wigh getting wealthy slowly.