Ann: Cardno Provides Market Update and FY16 Guidance, page-15

Mine - tbh I wouldn't assume we have hit the bottom of the energy and resources rout - unfortunately it is impossible for me to tell. However we are somewhere around the bottom I would think, and obviously nowhere near the top. However re the SP - I suspect if we have quite a dilutive crap raise along with poor guidance, this may lead to a bottom in SP soon. I have two other resources cyclical plays, FWD and IMD, both of which I hope will survive this period intact. I'm currently gradually flogging off my last cyclical play in the retirement industry - AOG, while the SP is currently booming. I'm staying more diversified in resources services stocks, as there are a lot more moving parts, and any international recession could be nasty from here, not that I think one is coming.

One interesting thing with CDD is that they benefit from new and upgraded resources projects going ahead in general, but they are also a bit like an undertaker, in that they benefit from environmental disasters as well, and these are likely to be random and unexpected, like the BP oil spill. I suspect some time in the next ten to fifteen years there will be a "jackpot" disaster ;-), and the earnings will rise markedly again. If such an event coincides with boom times, that would be great, and i will sell. If not - will happily collect the divs from that very necessary "rescue" work.