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WillG, depends on what parameters NR places on the '40-50% drop.' In the past I believed he was indicating he believed excactly that - resi prop will fall 40% over the next year/two. I'd be quite disappointed if he now watered down his argument to take into account all these variable like YM...

Ah yes, of course! Sorry, had a feeling I was being an idiot!

Some good thoughts NR. I'm not experienced enough to comment, but think you could be on the money with the stock market. Follow up question you could perhaps clarify for me. Assuming of course you're in a position to cover unforseen problems etc with cashflow as you mention - why is it you...

Sorry, couldn't resist :D I've bought into a few blue chips for the long term. Yes they could go lower - in fact they have - but long term now is a good opportunity to buy. Not to say you can't wait a bit longer though, I agree with csc's thoughts.