Everyone sobered up after the weekend, and monday and tusday and...

Everyone sobered up after the weekend, and monday and tusday and wednesday's benders at the Porsche factory, and scanned Gloomberg and found that everyone else whas shivving each other for no apparent reason, so they slashed their wrists and got down to suicide.

I think MOF is as good as IOF, from a DEBT point of view, with low gearing, decent offices, and decent management (ahem; this may be simply a view founded on the fact they've kept their heads down and noses clean).

I'm working on a strategy of security in diversity; buying in to a wide selection of the LPT sector and hoping that at least 90% of them will remain solvent.

To my mind the greatest problem with Rubicon, Allco, MFS, BNB, Centro etc had, aside from excessive debt, was that they were built on related-party deals (aka Mini-Macquaries). Allco and Rubicon, especially, were mates-rates stories, and that made them make ridiculously bad investment decisions to help out a friend and pain their own fences.

Maybe Macquarie itself is immune, and certainly it seems OK thus far, but we have to remember - one whiff of panic, and the whole shebang can unravel, AIO style.