Ann: Media release, page-12

I definitely do like REH, and in fact I'm in the process of analysing it now. Unfortunately on on 4 weeks vacation and won't be able to get further into it until I return to Australia. I will also take a close look at the ARB result.

I like ARB very much, but am wondering if it's recent strong performance (past 5 years or so) has had a strong tailwind from the commodities boom. If ARB shows price weakness from the further unwinding of this, I may use it as an opportunity to top up.

Unfortunately, ARB doesn't quite have the room to grow that ONT has (nor does REH). Unless ARB can expand fairly strongly OS, then I personally would treat ARB as substantially overpriced. I say this without having seen the last results. Also, fully aware that it reflects my own highly conservative style (which is probably a consequence of having a highly concentrated portfolio),