When prices are depressed, of course the first course of action is to work out why.
After why, try and figure out when the next 'when' (to accumulate) moment will be. I'm not so certain we're seeing that yet for IO. I expect more downside until either supply constricts (opposite is happening, will have to wait for the small players to be priced out) or there's a large series of infrastructure spend programs, globally.. to counter the current lackluster growth. Or both.
Yanks have spoken about this, Australia too. IMF taking a similar line it'd appear from language, particularly in reference to EU. Could be possible we attempt to 'build our way out of it' (has happened before, sort of worked I guess). I'd imagine IO would do quite well if that were the case.
