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djzab would the rerating be as harsh if today wasn't such a red day? l doubt it but thats what a free markets all about it let buyers and sellers determine a fair price. Do l think its gone a little over board yes, traditionally and in todays market a p/e ratio of 16
is fair and equatable. l do think because of the terms used which are blamed for the market turmoil subprime credit crunch have tarnished the whole industry and any company in it that disappoints will be taken to with a larger stick than in favour sectors such as mining or oil
but still think its value for money at these levels.