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13/10/08
15:38
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Looks like the selling is over for the moment. Distressed selling by a major holder on Friday
bought on friday at 2810. Earnings for next year(+15%)are pretty locked in cf with financials( profit downgrade?).
If you believe that infrastructure spending will stop in a global recession, then the SP will move towards low 20's.
As the federal govt is accelerating its infrastructure spending, I think that at current levels it offers great value for a 3-5 yr investment horizon.
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