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20 comments on Peak oil hits new heights
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20 comments on Peak oil hits new heights
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Well - pseudonymous bloggers do have their work cut out for them to be taken seriously.
The various ASPO organisations are a little harder to dismiss so easily, especially when their forecasts (at least in some cases) are proving a lot more accurate than those of the old school industry mouthpieces.
As for the Future Fund, I imagine it would be index linked - so Woodside (and the big miners, including the coal ones) will make up a lot more of it than Qantas.
Actually the weighting of the Future Fund seems rather odd.
Back in January they were congratulating themselves for staying in cash...
http://www.theaustralian.news.com.au/story/0,24897,23260388-643,00.html
... which was not a bad call, but I wonder if they got in at the bottom of the market in March? For anybody who was PO aware, BHP at $35 was a snack.
Also they have a LOT of Telstra: $9B compared to $5B for the rest of the Oz market, $8B of International shares and $38B of cash (bonds actually, they don't say whose, but presumably they're also subject to bond-pricing losses as interest rates tick up.)
Their Offshore/Onshore balance also seems pretty risky, given that PO is likely to be crueller to offshore markets than it is likely to be for Oz, with our resource weighting...