They've had a long run of good performance so I'm not that worried about some adjustment to valuations.
I'm more concerned about local economic factors like long running under-target CPI, low business confidence, low impact fiscal policy and RBNZ not having many bullets left. Tiwai alone isn't a high impact event but the cumulative pressure may cause a downturn.
The world’s buying heaps of our goods in spite of these ‘global headwinds’
Total exports going gangbusters - doesn’t that say our economy going pretty good.
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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