You just summed up the entire capital markets in that perceptive statement! No-one can get a handle on what anythings worth any more. Am buying a dollar for fifty cents all over the market. Given up on specs and punting property trusts instead. At lease theres some recognisable value there.
In fairness, I read MFI's accounts and they are scarey. Its worth somewhere between zero and 26c. despite paying off bank debt, leverage is still 70%. Better than Centro and at least its non-recourse but that sort of leverage can play havoc with the NTA when assets are unwound in this environment. I wish them luck, we need it!
Cheers.
MFI Price at posting:
7.0¢ Sentiment: Buy Disclosure: Held
