Message | our kiwi has been all the way up to 80c and back to settle at 76c
our reserve bank cant believe it and has spent a pathetic but significant 760m kiwi trying to beat off the worldwide fx speculators, in a modern day king canute impersonation
it is gradually dawning that its not all the kiwi, its the usd
and we are now seeing here, abc newsclips of bank foreclosures up your way ...a contrast to pictures of floods of us driven funds like GE coming down here and driving our mortgage market along at high speed for a couple of years
you can almost hear the screech of the wheels braking before the train smash
and yet there remain stocks on wall street like cci, amt and sbac - a group of so called 'tower' stocks - that a swag of locals here bought at 60c or a couple of dollars about 5 years ago
thay are now in their high 30's and early 40's and on pe's of 619 and the like and there have beeen lots of high 5's at the coffee shop, except that the fx has taken a bit of gloss off the top
in total these mobile phone transmitter pole sites have a market cap of 10.8billion + 16.7billion + 3.5bn = ie 30,000,000,000 usd
at 8% risk free available here the opportunity cost of this "asset" is us 2,400,000,000 pa and yet these assets are stuggling to break even....using traditional accounting methodologies like net profit after tax
yes, martha, there is plenty of downside down at wall street yet |