kevi takes a punt @ 20c, page-24

Surely all of the negatives have been factored in to the share price already.
To talk of US retail is quite broad.
MCW are mainly into supermarkets - everybody's got to eat.
They do not have a high exposure to the risky retail side of clothes, electrical goods, restaurants, etc.
Interest rates are falling. Aussie dollar low - rents in USD.
The main problem I see will be reduced valuations but they are still making money on the same bricks and mortar regardless of the valuation.