PLEASE NOTE

This is PAGE ONE of Brett's Portfolio Report and History
and covers the period from 31st July 2008 to 18th September 2008

CLICK HERE to go to PAGE TWO
19th September 2008 to 13th October 2008
CLICK HERE to go to PAGE THREE
14th October 2008 to 13th November 2008
CLICK HERE to go to PAGE FOUR
14th November 2008 to 9th December 2008
CLICK HERE to go to PAGE FIVE
10th December 2008 to 21st January 2009
CLICK HERE to go to PAGE SIX
22nd January 2009 to 27th February 2008
CLICK HERE to go to PAGE SEVEN
28th February 2009 to 3rd April 2009
CLICK HERE to go to PAGE EIGHT
4th April 2009 to 19th April 2009
CLICK HERE to go to PAGE NINE
20th April 2009 onwards


"Brett's Investments"


!!! NEW..PORTFOLIO !!!

NOTE ... these details are now listed on PAGE NINE

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"Dividends Received"

NOTE ... these details are now listed on PAGE NINE

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"Performance"

NOTE ... these details are now listed on PAGE NINE

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Thursday 31st July 2008
trading days since purchase = 1
PORTFOLIO TOTAL - HIGHEST VALUE SINCE ESTABLISHED
OZL
- highest price since purchase

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Friday 1st August 2008
trading days since purchase = 2

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Monday 4th August 2008
trading days since purchase = 3

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Tuesday 5th August 2008
trading days since purchase = 4

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Wednesday 6th August 2008
trading days since purchase = 5
NOTE - adjustments made to the Purchase Price Paid - they now include brokerage fees

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Thursday 7th August 2008
trading days since purchase = 6

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Friday 8th August 2008
trading days since purchase = 7

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Monday 11th August 2008
trading days since purchase = 8

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Tuesday 12th August 2008
trading days since purchase = 9
MQG - highest price since purchase

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Wednesday 13th August 2008
trading days since purchase = 10

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Thursday 14th August 2008
trading days since purchase = 11
PORTFOLIO TOTAL - THIRD HIGHEST VALUE SINCE ESTABLISHED

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Friday 15th August 2008
trading days since purchase = 12

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Monday 18th August 2008
trading days since purchase = 13

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Tuesday 19th August 2008
trading days since purchase = 14

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Wednesday 20th August 2008
trading days since purchase = 15

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Thursday 21st August 2008
trading days since purchase = 16

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Friday 22nd August 2008
trading days since purchase = 17
BHP - the first time the price has been a "+" amount since purchase on 31st July 2008

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Monday 25th August 2008
trading days since purchase = 18

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Tuesday 26th August 2008
trading days since purchase = 19

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Wednesday 27th August 2008
trading days since purchase = 20
Macquarie shares slump over Nine Percent
Macquarie Group Ltd shares dropped almost 10 percent after brokerage firm UBS downgraded the investment bank to "neutral" from "buy", citing increasing pressures on the investment bank from the bear market
Macquarie shares fell $4.44, or 9.64 per cent, to $41.61
"The global credit crunch is now entering its second year with few signs of easing, world growth is deteriorating and the bear market is seemingly entrenched" UBS analysts said in a note to clients
This is not a good operating environment for any investment bank
Globally we expect weaker equities volumes, investment banking pipelines and softer commodities trading opportunities placing further pressure on Macquarie's revenues"
Macquarie is unlikely to be able to dispose of assets as frequently as before, given asset price deflation, the analysts said
And it will probably require impairments on some investments in associated funds or asset valuation writedowns, they said
UBS has forecast Macquarie's net profit for the year to March 31 to fall to $1.503 billion from $1.803 billion in fiscal 2008
Its 12-month price target for the stock has been reduced to $48.00 from $60.00

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Thursday 28th August 2008
trading days since purchase = 21
BHP - highest price since purchase

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Friday 29th August 2008
trading days since purchase = 22

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Monday 1st September 2008
trading days since purchase = 23
PORTFOLIO TOTAL - SECOND HIGHEST VALUE SINCE ESTABLISHED
WOR
- highest price since purchase

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Tuesday 2nd September 2008
trading days since purchase = 24
MQG - price has increased by $4.75 over the last four trading days

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Wednesday 3rd September 2008
trading days since purchase = 25
TOTAL - $61077 is the lowest total since Tuesday 19th August 2008

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Thursday 4th September 2008
trading days since purchase = 26
TOTAL - $59308 is the lowest total since Tuesday 5th August 2008
TOTAL - has dropped by $4279.50 over the last three trading days

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Friday 5th September 2008
trading days since purchase = 27
TOTAL - has dropped by $6976.00 over the last four trading days

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Monday 8th September 2008
trading days since purchase = 28

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Tuesday 9th September 2008
trading days since purchase = 29

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Wednesday 10th September 2008
trading days since purchase = 30
TOTAL - has dropped by $8411.00 over the last seven trading days
WOR - price has dropped by $5.45 per share over the last seven trading days

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Thursday 11th September 2008
trading days since purchase = 31
PORTFOLIO TOTAL - SECOND LOWEST VALUE SINCE ESTABLISHED
TOTAL
- $53859 is the lowest total since Thursday 31st July 2008
TOTAL - has dropped by $9728.50 over the last eight trading days
WOR - price has dropped by $6.63 per share over the last eight trading days

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Friday 12th September 2008
trading days since purchase = 32

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Monday 15th September 2008
trading days since purchase = 33

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Tuesday 16th September 2008
trading days since purchase = 34
TOTAL - has dropped by $5225.00 over the last six trading days
MQG - price has dropped by $11.51 per share over the last six trading days
Aussie market drops almost Two Percent
The Australian share market dropped almost two per cent to a two-and-a-half-year closing low on Tuesday amid more turmoil in US financial markets after Wall Street dropped to its lowest close since the September 2001 terrorist attacks
The local market was weaker from the opening after the Dow Jones Industrial Average tumbled over 500 points or 4.42 per cent to 10,917.51, its largest point loss since reopening after the September 2001 terrorist attacks
A late rally among major banks and gains in resources stocks kept the local damage from the fall out from the Lehman Brothers collapse to a minimum
At the close on Tuesday, the benchmark S&P/ASX200 index was down 66.9 points, or 1.39 per cent at 4750.8, its lowest close since 23rd December 2005, while the broader All Ordinaries lost 75.2 points, or 1.54 per cent to 4799.8
On Monday the S&P/ASX200 index fell 86.1 points, or 1.76 per cent, while the All Ordinaries lost 82.1 points, or 1.66 per cent
CMC Markets senior dealer James Foulsham said the losses were not as bad as expected following a negative lead on Wall Street but the combined losses of the past two days were significant
"The pain has been spread over two days in the Aussie market, we copped a pretty big hit yesterday because we are a day ahead and the Lehman's announcement had already come out" he said
"It's not quite as bad as people expected (today), but if you look at it over two days it's pretty large money"
There may be a slight recovery in US stocks on Tuesday night but more pain is set to be felt, Mr Foulsham said
"We might see a slight short-term bounce, but there's still a lot of people who think we're only scratching the surface at this stage"
Investment bank Macquarie Group Ltd slipped $2.66 or 6.7 percent to $36.80 on worries about the worsening credit crunch and struggling rival Babcock and Brown Ltd slumped 53 cents or 33.5 percent to $1.05
The big miners were stronger, with BHP Billiton gaining 35 cents to $36.40 and Rio Tinto adding 42 cents to $106.85
The spot price of gold was $US773.80 an ounce, down $US3.60 on Monday's local close of $US777.40
The gold miners were mixed, with Newcrest Mining down 35 cents, or 1.66 per cent, to $21.45, Lihir Gold dropping eight cents, or 3.9 per cent, to $1.97 and Newmont slipping 12 cents, or 2.42 per cent to $4.83
Market turnover reached 1.78 billion, worth $7.02 billion, with 233 stocks moving up, 944 moving down and 243 unchanged

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Wednesday 17th September 2008
trading days since purchase = 35
PORTFOLIO TOTAL - LOWEST VALUE SINCE ESTABLISHED
TOTAL
- $53275 is the lowest total since Thursday 31st July 2008
TOTAL
- has dropped by $6203.00 over the last seven trading days
MQG - lowest price since purchase
MQG - price has dropped by $14.38 per share over the last seven trading days
Macquarie shares fall to four year low

Shares in Macquarie Group Ltd have fallen to a four year low on concerns about its ability to repay debt, even as Australia's biggest investment firm said it remained well funded and capitalised
The shares slumped $2.87, or 7.8 per cent, to close at $33.93, the lowest since August 2004
The stock was one of a number of financial companies that led the benchmark S&P/ASX200 index down 0.6 per cent Wednesday
"In this fractious and nervous state of the market, among companies that have a lot of debt, Macquarie's in the firing line because they've shot down all the other companies that are in the same farm yard" Austock senior client adviser Michael Heffernan said
This year's 56 per cent decline in Macquarie's share price was not as big as investment banking counterparts Babcock and Brown Ltd and Allco Finance Group, which have lost most of their market value to reach record lows
All three companies used large amounts of debt to aggressively buy assets, which they packaged into investment products
The sub-prime crisis caused the interest they pay to surge over the past year, causing investors to sell their shares in the investment firms
Investor concerns were exacerbated this week as US investment bank Lehman Brothers filed for bankruptcy and the US government took over insurance giant American Insurance Group
In a statement Wednesday, Macquarie rejected claims that it would struggle to refinance $5 billion of debt by March 2009
"Macquarie remains well-funded and well-capitalised with liquid assets of more than $20 billion as at 30 June 2008, which is twice the level of a year ago" the Sydney-based company said
Reports to the contrary were "false and inconsistent with information provided to the market by the group"
But investors are increasingly worried about the firm's ability to repay debt
Credit default swaps tied to Macquarie's debt have widened to 600 basis points from around 300 basis points a week ago, according to figures at ABN Amro
Macquarie said that since March 31, it had raised term funding of $6.4 billion from a variety of sources
The company also increased deposits by $3.8 billion to $17 billion in the period from March 31 to July 31 and has an undrawn $3.8 billion senior credit facility, according to the statement
Babcock shares have plunged by 97 per cent this year to close Wednesday at 92 cents while Allco has dropped 98 per cent to 14.5 cents
As credit rates surged, both companies admitted they had difficulty repaying debt, and had to renegotiate lending arrangements with their banks
Most financial stocks fell again Wednesday as investors remain concerned that the global economy will falter because of the credit crisis
The S&P/ASX200 Financials Index fell 1.13 per cent Wednesday and has declined 35 per cent this year
That was despite reports that the US Federal Reserve agreed to provide a $US85 billion ($A107.08 billion) emergency loan to AIG
In return, the US government will get a 79.9 percent stake in AIG and the right to remove senior management
That followed the bankruptcy of Lehman earlier in the week
Macquarie Group plummets as ASIC investigates rumours
Macquarie Group shares sank to a four-year low yesterday, with the corporate watchdog revealing it was investigating alleged false rumours about the investment bank
Macquarie yesterday declared it remained well-funded and capitalised, taking issue with a newspaper report that said it struggled to refinance $5 billion of debt by March 2009
"Macquarie remains well-funded and well-capitalised with liquid assets of more than $20 billion as at 30 June 2008, which is twice the level of a year ago" the group said in a statement
The reassurance did little to help Macquarie shares, which spiralled almost 8 per cent, or $2.87, to $33.93
The statement from Macquarie to the stock exchange sparked a swift response from the corporate watchdog which said it was looking into alleged false rumours about Macquarie and several other companies
The Australian Securities and Investment Commission said recent market volatility had led to an increase in the number of complaints about false rumours and market manipulation
"Pushing false rumours designed to harm a company, such as by forcing a share price down, is illegal" said ASIC
ASIC's latest probe builds on an investigation launched in March into the integrity of the Australian markets and impact of false rumours and collusion

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Thursday 18th September 2008
trading days since purchase = 36
PORTFOLIO TOTAL - NOT APPLICABLE TODAY !! ... BRETT MADE A CHANGE TO HIS HOLDINGS !!
For the details, refer to the information following the "High and Low Price Chart" below
LGL
- finished today at $2.48 per share, and this is the highest price since the 4th August, three days after Brett bought the stock !!
MQG - this is not included in today's portfolio and all the details and reports are below

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"Highs" and "Lows"

NOTE ... these details are now listed on PAGE NINE

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------------------------------------------

Brett sold his holding in this Company

x

x

BUY DETAILS - 31st July 2008

300 shares @ $51.60 per share = $15480.00 plus $31.90 brokerage
Total paid = $15511.90
Average price per share paid = $51.71

SELL DETAILS - 18th September 2008

300 shares @ $26.51 per share = $7953.00 less $21.90 brokerage
Total received = $7931.10
Average price per share received = $26.44

A LOSS OF $7580.80

x

x

?? WHY DID BRETT SELL ??

Refer to the articles Below

Articles on Macquarie Bank - Thursday night, 18th September 2008
!! this is the day Brett sold his stock !!

Comments
Brett sold, judging it to be the best thing to do ... some things work out, some don't !!
It is a well known fact that his judgement is usually 'pretty damn good', and his
"Portfolio v Unit Purchase" is a perfect example and
click here for more detail on that decision
...... put simply, he is thousands and thousands and thousands of dollars better off !!
And even 'so-called-experts" make mistakes !!
Look at the "before" and "after" comments by the JP Morgan Analyst below
I have highlighted them in green ... talk about pathetic excuses and backflipping !!

Australia's Macquarie bank shares plunge 23 percent
Shares in Australia's biggest investment bank, Macquarie Group, plunged 23 percent Thursday on fears the global credit crunch could hurt its ability to refinance debt, dealers said
Macquarie shares closed down 7.88 dollars at 26.05, having lost some 38 percent of their value this week
They are down 70 percent from a 12 month high of 88.73 dollars
"While we believe the hedge fund 'short Macquarie' arguments do not bear closer scrutiny, the direction of Macquarie's price is telling us Macquarie is broken," JPMorgan analyst Brian Johnson wrote in a note to clients
"In this environment, with the hedge funds driving the agenda, it is hard to identify a catalyst to turn Macquarie's price direction around"

The group, which manages assets such as airports and toll roads globally, has suffered from investor concerns over companies carrying large debts in the wake of the collapse of US investment giant Lehman Brothers
Macquarie told the Australian Securities Exchange in response to a query that it was not aware of any information it had not already announced to the market that might have caused its shares to fall over recent days
"Until there is greater confidence around Macquarie's ability to refinance its term funding, investors are likely to remain cautious on the stock" Goldman Sachs JBWere analysts James Freeman, Ben Koo and Elizabeth Rogers wrote in a note to clients
Moody's Investors Service affirmed the investment bank's A2 long-term issuer rating but cut the outlook to stable from positive
The ratings agency was closely monitoring the potential for declines in market confidence to impact the group's fundamental business operations, said Moody's analyst Patrick Winsbury
"Even if this were to occur, Macquarie Group's strong financial position would cushion the immediate impact" Winsbury said
However, he said Macquarie stock is "currently subject to a high proportion of short positions," and said the fall in the share price could indirectly impact on the firm's credit rating if it crimps the bank's ability to raise capital or affects counterparty confidence
The outlook downgrade came after Standard and Poor's late Wednesday cut its outlook on the firm from stable to negative

JPMorgan says Macquarie Group is irrevocably broken
One of Macquarie Group's most ardent broker supporters has dubbed the investment bank as "irrevocably broken" after its share price dived 23 per cent to a five-year low yesterday and its five-year credit default swap spreads blew out again
In a report released yesterday morning, JPMorgan analyst Brian Johnson said that while he did not agree with the view of short sellers, "the direction of Macquarie's share price is telling us Macquarie is irrevocably broken"
He said it was hard to identify a catalyst to turn Macquarie's price direction around, but noted that binges of short selling had previously been followed by bouts of short covering

On December 20, 2007, Mr Johnson had a $109.42 price target on the company, compared to its then share price of $73.11
The stock closed yesterday $7.88 lower at $26.05, its lowest level since April 2003
Mr Johnson retains an overweight recommendation on the stock with a $71.58 price target
Macquarie Group shares have lost 38 per cent of their value this week, after the collapse of US investment bank Lehman Brothers and the US government takeover of insurance giant American International Group spooked investors over holding stock in companies that carry considerable debt
As Macquarie Group's shares plunged, its five-year credit default swap spreads ballooned to 730.5 basis points from 653 a day earlier, according to Bloomberg
The higher the spread, the greater the perceived risk of default
The yield on Macquarie's five-year subordinated debt has more than doubled in the past few days as investors became nervous about companies carrying big levels of debt
Macquarie's share plunge prompted a query from the Australian Securities Exchange
Macquarie confirmed it was in compliance with ASX listing rules, and that the market had been adequately informed of a decision by ratings agency Standard and Poor's to reaffirm its ratings on the group but revise its outlook from stable to negative
Meanwhile, credit ratings agency Moody's put out a report yesterday affirming the bank's ratings, but revised its outlook to stable from positive
It said: "Moody's regards the group's liquidity profile as strong
Liquid assets at end June 2008 were in excess of $20 billion, providing very substantial cover of the bank's short-term wholesale liabilities and affording the group flexibility to ride out prolonged periods of wholesale funding market dislocations"
Analysts blamed part of the fall in Macquarie's share price to heightened shorting activity by hedge funds along with concerns about debt refinancing issues
Others also questioned the relevance of the Macquarie model

Macquarie hit as giants fall
The capitulation of Wall Street's biggest investment banks has called into question the future of Macquarie Group, triggering a further plunge in its share price yesterday to its lowest level in more than five years
In its biggest one-day loss, the stock fell 23 per cent to $26.05, its lowest close since May 2003
The bank, with the corporate regulator alongside, said it was campaigning against fear and innuendo rather than valid concerns
The insinuation is that hedge funds have been driving Macquarie into the ground in order to profit from short-selling the stock
"The direction of Macquarie's share price is telling us it is irrevocably broken" JP Morgan's analysts Brian Johnson, Scott Manning and David Disney-Willis wrote in a note to clients
"In this environment, with the hedge funds driving the agenda, it is hard to identify a catalyst to turn Macquarie's price direction around, but we note that massive binges of short selling in Macquarie have previously been followed by commensurate bouts of short covering"

With investment banks around the world in meltdown, no one was willing to listen to the voices insisting Macquarie is different
The share price dive followed a rout among investment banks on Wall Street, triggered by concerns their access to fresh funding has been cut off
Macquarie's share price has fallen as much as 65 per cent this year, a long way from nearly $97 a share in May last year
Commonwealth Bank and National Australia Bank were among those most speculated to be prepared to do a deal with Macquarie, either through an alliance or equity stake
This would follow the lightning sale of the securities giant Merrill Lynch to the Bank of America, and reports that the Wall Street powerhouse Morgan Stanley is in talks with several banks
A Macquarie spokeswoman declined to comment
The fall in Macquarie's share price has also drawn into sharp focus long-standing concerns about the viability of its business model
Its level of debt is one concern, as is its reliance on income from satellite funds that are now in trouble
Yesterday, Macquarie Infrastructure Group fell nearly 5 per cent and Macquarie Airports dropped nearly 14 per cent
But for the most part, market analysts are backing Macquarie
A day after Standard and Poor's cut the group's rating outlook to negative, Moody's reaffirmed its rating but dropped its outlook from positive to stable
Moody's commentary on the bank was relatively upbeat, reflecting Macquarie's own assessment of its position
"Macquarie Group's stable rating outlook reflects its very strong liquidity and capital positions, and its minimal exposure to troubled asset classes and counterparties" said Moody's analyst Patrick Winsbury
Macquarie's chief financial officer, Greg Ward, has said it has "at most" $25 billion in short-term debt, all of which it could repay
In a way, it is academic
As Goldman Sachs JBWere pointed out, "until there is greater confidence around Macquarie's ability to refinance its term funding, investors are likely to remain cautious on the stock"
Traders are betting things will only get worse

Articles on Macquarie Bank - Friday night, 19th September 2008
!! this is the day after Brett sold his stock !!

Australia's Macquarie bank shares rebound 37.8 percent
Shares in Australia's biggest investment bank, Macquarie, rebounded 37.8 percent Friday after the US and the world's central banks took action to keep the global financial crisis from deepening
Macquarie Group shares, which plunged 23 percent on Thursday, soared 9.85 dollars to close at 35.90 dollars (28.72 US dollars)
The group, which manages assets such as airports and toll roads globally, has suffered from investor concerns over companies carrying large debts in the wake of the collapse of US investment giant Lehman Brothers
The bank is one of the best-known Australian financial institutions, with its name regularly short-listed in the past among bidders for assets such as the London Stock Exchange, Prague airport and Berlin television tower
The rise in Macquarie shares reflected a bounce in the wider market, which closed up 4.3 percent after a rally on Wall Street overnight
The United States said Thursday it was putting together a rescue plan to clear away the mountains of bad debt that have weighed down banks and set off the worst financial crisis in decades
The announcement came as leading central banks moved to flood markets with cash while British and US regulators put the brakes on short-selling shares, as nations banded together to try to end the turmoil on global markets

Macquarie stages turnround as mood lightens
Shares in Macquarie Group staged an impressive rebound on Friday as the Australian investment bank benefited from more positive investor sentiment towards the stock, and news that the US might set up a rescue agency for troubled financial institutions
Macquarie’s shares, which have been hit hard this week on continued investor concern over the bank’s ability to pay debt, rose as much as 50 per cent on Friday before closing up 38 per cent at A$35.90
The benchmark S&P/ASX 200 index rose 4.3 per cent
News that central banks round the world were pumping billions into credit markets helped turn round a 23 per cent fall in Macquarie’s share price on Thursday
Both Macquarie and Babcock and Brown, the Australian infrastructure investor, have been punished by investors for having business models that rely on comparatively high levels of debt
But, while analysts continue to express doubt that the company can boost its share price while hedge funds are driving the agenda, others said on Friday that the market had made an appropriate correction on Macquarie’s share value, saying the shares had been “fundamentally mispriced”
“Speculation on debt problems intensifies every few months” said Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors in Sydney
“This attracts hedge funds looking to short-sell the stock in their own interests”
On Friday, Kevin Rudd, Australian prime minister, said short-selling on the Australian stock market needed to be addressed to boost transparency, following moves by the UK and US to curb the practice
The government has sent a proposal on the future of short-selling to industry participants
“This and other areas of financial markets need to be examined and acted on” Mr Rudd said
On Friday, the Australian Securities and Investment Commission, the market regulator, announced a package of interim measures with relation to short-selling to start on Monday
“The decision has been taken to implement these interim measures to maintain confidence in our markets in the face of current international turmoil and to complement moves made by other regulatory agencies” ASIC said
Macquarie declined to comment on Friday
But the bank said this week that it was well funded and capitalised with liquid assets of more than A$20bn ($16bn) as of June 30, twice the level of a year ago
Standard and Poor’s, the ratings agency, said in a recent note that the group had “limited direct exposure to the impact of the current financial market turmoil, and very capable management of its liquidity, capital and counterparty exposure”

Macquarie Group's shares stage dramatic recovery
Macquarie Group's share price soared yesterday as hedge funds covered short positions, options were exercised overnight and central banks pumped life into the global financial system with a $US180 billion ($225 billion) rescue operation
The rally, coupled with a forewarning in the market that the regulators were going to clamp down on naked short selling, helped the country's biggest investment bank stage a recovery to close 37.8 per cent higher to $35.90, after witnessing its worst ever week
Improved liquidity in the system also helped it on the debt side of the market, with five-year credit default swap spreads narrowing to 530 basis points, from 730.5 in the previous day, according to Bloomberg
Macquarie's five-year subordinated debt yield ballooned in the past week as investors became nervous about companies perceived to be carrying big levels of debt
Macquarie Group closed a week ago at $44 a share, but dropped to a five-year low of $26.05 on Thursday after the collapse of US investment bank Lehman Brothers, the takeover of its Wall Street rival Merrill Lynch and the US government bailout of insurance giant American International Group spooked investors holding stock in companies carrying considerable debt
Analysts blamed part of the recent attack on Macquarie's share price to heightened shorting activity by hedge funds
Others also questioned the relevance of the Macquarie model and its lack of transparency
Constellation Capital's head of research, Peter Vann, said: "As Macquarie moves from listed to unlisted structures, the mechanism of price discovery to revalue the unlisted structures can fail in turbulent times and they, and investors, may run the risk of a false sense of safety
For example, this is currently an issue in many commercial unlisted property trusts
We also have issues regarding the ability to manage redemptions in unlisted structures in more turbulent times"
There has also been speculation this week that CBA and NAB are among companies prepared to do a deal with Macquarie, either through an alliance or equity stake
The rise in share price yesterday also prompted one of the bank's most ardent broker supporters, JP Morgan's Brian Johnson, to do a backflip on comments he made in a report on Thursday which stated that, with the share price now hostage to hedge fund sentiment, "the direction of Macquarie's share price is telling us Macquarie is irrevocably broken"
He also said that it was hard to identify a catalyst to turn Macquarie's price direction around, but noted that binges of short selling had previously been followed by bouts of short covering
But in an email to clients yesterday, he said: "Clarification -- Macquarie is not broken, it's cheap"
He wrote: "Our intended message was that Macquarie was not broken and that the derating sees Macquarie presenting compelling value
We believe Macquarie offers compelling relative value, albeit it is difficult to identify a near-term positive catalyst"

The recent mauling of Macquarie's shares also prompted Citi to put out a report yesterday saying: "We believe inaccurate perceptions over Macquarie's capital and funding positions have moved its share price sharply lower this week
As per our recent research, we view Macquarie's balance sheet as solid, its funding position favourable, its capital position comfortable and refinancing risk manageable"


PLEASE NOTE

This is PAGE ONE of Brett's Portfolio Report and History
and covers the period from 31st July 2008 to 18th September 2008

CLICK HERE to go to PAGE TWO
19th September 2008 to 13th October 2008
CLICK HERE to go to PAGE THREE
14th October 2008 to 13th November 2008
CLICK HERE to go to PAGE FOUR
14th November 2008 to 9th December 2008
CLICK HERE to go to PAGE FIVE
10th December 2008 to 21st January 2009
CLICK HERE to go to PAGE SIX
22nd January 2009 to 27th February 2008
CLICK HERE to go to PAGE SEVEN
28th February 2009 to 3rd April 2009
CLICK HERE to go to PAGE EIGHT
4th April 2009 to 19th April 2009
CLICK HERE to go to PAGE NINE
20th April 2009 onwards