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Agree, but its kind of the same thing. At any point in time making an assessment on intrinsic value will require various assumptions to be made. These will always be a "best guess". For example, future earnings in Jan 2007 over 10 years looked very different to the 8 year forcast (plus 2...

I think some slight humility is in order. Just as the world's share markets were "unlucky" that the US govt didnt save lehman, and things got out of control - the aus property market in a way is "lucky" that the reserve bank cut rates very very aggresively early on, the govt doubled the FHBG...