Forum Archive Index - December 2000

[richard hermans <r.m.hermans@xtra.co.nz>]

Thanks for that info Hugh:
Happy New Year all:
Regards Margie

hugh webber wrote:
> 
> Just received the J B Were Xmas letter.
> They see the NZ market as undervalued by 15%
> (but this could be lessened by profit downgrades)
> and the Oz market overvalued by 8% and the
> US market overvalued by an unquantified amount
> (but see my previous post from Bloomberg quoting
> P/Es of Fri 22nd Dec, 'Rational, Sane investing vs the
> NASDAQ) , maybe the Dow is overvalued by about 55% from
> that data.
> They see the NZ and Oz markets possibly benefitting
> from a move out of overvalued US stocks.
> 
> The NZ stocks they prefer are (for defensive reasons)
>  Auck I A, Baycorp,
> Carter Holt, FCL Bldg, INL, Lion, Montana, Lyttelton Port,
> Nat Gas Corp, Sky City, Sky TV, Tourism Hldgs,
> Tranz Rail, Waste Management, the Warehouse, and
> Westpac Trust.
> 
> I have a little trouble following the reasoning for Carter Holt
> (none actually provided) for example in an economic slowdown.
> Maybe its time to jump ship for tradeable fixed interest
> securities with an interest fall coming, even though the gains
> are taxable? Any recommendations in that field?
> 
> cheers,
> Hugh
> 
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