Ann: 2014 Half Year Results , page-16

Housing in Australia is well and truly overpriced and that is manipulation due to the ease of credit and cheap money, many who couldn't and shouldn't be eligible to buy houses can which feeds artificial demand then on top of that, the incentives given to invest in real estate are ridiculous... Eventually the market will overrule and housing will have to have a large correction in pricing - that is what my point was, manipulation works for a period of time but eventually things head back towards true value.

This stock is held by some of the most successful people I know, everyone gets it wrong sometimes. But I am not ruling out Hazelwood doing well LT which was always my outlook.