BTW, Graham. Analysts are predicting 17.2c earnings per share...

BTW, Graham. Analysts are predicting 17.2c earnings per share for 2007, vs. 27.1c per share for 2006.

ALZ's half-year profits were 12.9c/share, of which property revaluations were 6c/share. They paid a dividend of 8c/share, or 1.1c/share more than realized profits.

Of their 2006 profit, 9.8c/share was due to revaluations. Therefore, realized profits were 17.3c/share.

...Hang on a minute! That's exactly what analysts reckon this year's earnings per share will be!

Hmmm...do ya think the analysts reckon that the days of padding annual profits by 30% - 40% via asset revaluations might be coming to a close?

Is it just TheWord giving you innocent travellers the word? Nup - I have company!

You, however, have nothing but past glories.

But then, Graham, you're Zen-Bhuddist-Anarchist-Philanthropist investment philosophy of considering every cent of your investment to be gone the moment you invest it, will ensure that you sleep well.

Goodnight! Sweet dreams!

Ehhehehehehehahahaaaa!!!!!