Whatever, GrahamMac.Just remember: Property developers + credit...

Whatever, GrahamMac.

Just remember: Property developers + credit crunch <> increased profits/dividends.

You're obviously awash in the ecstacy of past performance; giving no credence to present circumstances and expecting a linearly good performance moving forward.

I've got news for you, mate - shares aren't like your best friend. You don't stick with them because they've done the right thing by you in the past. If they look like they've had their day, or they're too risky in the present, you bin them as fast as you'd dispose of last Thursday's leftovers.

Some here look at them and say, "They've done me well in the past, I believe in them. They won't fail me, now."

I look at them and I say, "Property developers (and their customers) rely upon easing credit and interest rates trending lower in order to increase their profit. During times when credit is becoming restricted and interest rates are rising, they will underperform - QED."

It's not something I have against ALZ, in particular. It's the industry it operates in. Take a look at the US.

In fact, do take a look at the US, because you and Gobbo dismiss it as irrelevant too often.


[Source: IMF Handbook, 2006]

The US economy remains gigantic. What happens to it, happens to the world. Right at the moment, it is stuffed!