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No, but the point I was making is that 'some journo' chose to quote only part of what Hassan said. The journo implied that the leading indicator was 100% accurate, when in fact it is only 60% accurate based on a v. small sample of recessions. So in response to Kenneths Q 'Is an Australian...

Erm.... yes, that's the truth, but not the whole truth...... Their leading index actually predicted 5 of the last 3 recessions :rolleyes:. From the Westpac release..... And on the other bench St Georges economists feel that after todays relatively good retail trade figures....

Not according to wikis definition. I'd say there we aren't experiencing particulary high volumes, and I'd say that prices aren't considerably at variance from intrinsic values (on a wages or yield or affordability or GDP basis).

He must be using SS as his source :) - we've had this here and here. Agreed, some high end (beachfront?) and some others props may be at bargain basement levels soon. Value investors, who buy income streams have been building up a cash reserves for a while now.