Thanks Snoopy. Thought I had inserted a picture but obviously didn't work. I have tried to attach the graph to this note. Hope it works. Computer skills a bit lacking.
Good that you translated for me but suprised with your overall reponse. Bit dismissive of some of my thoughts mate but a good debate might eventuate. When I have time might reply to some points that you raised.
What I was trying to do was bring a bit of overseas research and put in a NZ context. It was aimed at those who thought the NZ market might tank. Yes no 'rocket science' in that booze and utilities are defensive stocks and this was highlighted that to some extent.
You are correct in that if the market was to have a strong rebound the high beta stocks have a greater chance of doing better than average (even though you were dismissive of beta you did in a round about sort of way comfirm that beta is a good indicator) - but thats another story