analysis of prelim final report, page-24

so the 2010 prelim a/cs are out

Having sold-out last October (see postings at that time when others now negative were positive) I don't intend to analyse the latest accounts, but this forum is really worth a read from time to time.

a few thoughts including a repeat of some of the comments from last year:

the bad smell of accounting tricks were the reason for my selling after the last accounts, and from postings here in 2010 it seems they are up to it again - lesson: when accounts smell of manipulation and unorthodox creativity then beware.

Auditors! last year, posters were fuming about the Australian auditors and thinking they could recover from them. Read the accounts! (which I have not done this year); most likely NBS and the Australian audit firm have repeated their past methods: the audit work is subcontracted to Asian auditors based in Asia; only the Australian transactions are audited by the Australian auditor.

It seems to me that the share price is being maintained, on both buying and selling sides, by traders alone, since no serious, rational investor would choose to invest on the basis of the NBS accounts and company's repeated promises.

It is amazing how hope can trump rationality.