The smarter CER shareholder now knows what is coming on Tuesday 25th August 2009, when the local journos will make headlines out of what is already announced to the market.
Yes, these are book entries & can be reversed, but in the immediate horizon it is unrealistic to think that will happen. About 2 months ago I forecasted these writedowns only to be criticized.
At this stage I believe there are far better opportunities in the market, but will review CER after the headlines start on 25th August 2009, that have the potential to drive CER lower than its current price.
What was disappointing was that the writedowns for the US have accelerated since Dec 2008, rather than slowed down & remember this is where most of CER assets are located. Overall writedowns for US were 18.8% for the year with 13.8% coming in the half Dec 2008 to June 2009.
Regards
Buffett
valuations
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