not good, page-9

So we have a low adjusted PE at about 9 times, and some option value due to the volatility of the SP / industry outlook.

I'm calm about my holding - have already made about 28% not counting div on this one by doubling up a few times on the way down from a small first (underwater) trade at $7.01 (Which I decided was a buy price to expect a 15% annual return over the next ten years, based on rear view mirror) to my lowest and highest vol buys at a bit under $4. (Ave $4.73)

I'm moving to LT buy from ST buy - as I have 12% of my Aussie portfolio in this one - so will buy more only from desperate sellers (if these arise again), or a successful short selling effort, or bad news, where I can reduce my ave cost.

At the top of the business cycle, I'll lighten up on these, or sell out - depending on how frothy it gets.