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I cannot justify the share price. For the first time, it's now a premium to the underlying values. Personally, I think its a reaction to the banks and AMP. They don't really have a big stake in banks or investment advisors.

I think its overheated and I think it's from people looking to get out of banks and trying to find stable dividends and solid reputational stocks. I personally am beginning to think its got a huge set of risks at this price. I don't like NHC outside of Bengalla - I don't see how you get more coal mines in QLD. I think TPG ( Code TPM) has a lot more risk than may be obvious. I am not sure there is space for a 4th player in mobile and every man and his dog is becoming an ISP. The Singapore venture will be expensive as will be the rollout of 5G here. Vodafone has entered the NBN broadband market as well.

I have sold a few yesterday and today and switched some to BKW which has a lower risk profile to my mind. Have bought more URB as well.