I think this has to be incredible bargain - isn't this at a 10 year low. I don't think oil is that significant - looking at this historically. Currency is no bigger a problem than the US dollar. This is wonderful play right now - if there is significant defaults on bonds to impact (hey we are already 30% discounted!) the NAV - there will be horrific equity valuation in the markets - not likely. Commodities/Aus in the global market are not going away. With hyperinflation commodities aren't a bad deal.
i dont get it do you? Either the market is discounting a huge crash in oil and the AUD (from these already halved levels) or this is irrational pricing, IMO. Why so deep? Could this be hedge funds unwinding? Who the heck is selling at these levles?