Good morning,

Once again the World watches and waits! The latest pledges from the Greeks are something else..they really believe that the economy will resume growth in 2013!  I mean come on you have got to be joking…they have also said they are going to cut 150,000 employees!! That’s like the US cutting 5m jobs and they still think 2013 will be ok..they are nuts!!If they look hard enough they may even find fairies at the bottom of their garden…anyway they are saying anything to grab one last bunch of money off the ‘Zombieland’ idiots before the inevitable!

But back to our market which like others around the World is looking remarkably resilient..one thing that is interesting is the Baltic Dry Index of shipping costs which has plummeted in the last few months as massive oversupply of ships coupled with the Chinese New Year have made it extremely cheap ,and in some cases free, to transport bulk commodities around the World..the index has bounced back in the last few days on signs of continuing Chinese demand so thats a positive.

Yesterday we had BHP s figures which were huge but not huge enough..the purchase of Petrohawk in the US seems to have been a little ill timed and the write down of that business is now in the wings as they Petroleum Division looks more at oil than Gas..pity they paid $20bn for a gas asset in the US then when there is so much gas around that the US is looking to be energy self sufficient for the first time in decades!!BHP have also said they are on the lookout for M&A’s ..they have an appalling record on acquisitions and Petrohawk is the latest waste of shareholders money to satisfy egos at the top..Expect BHP to underperform RIO at the moment until the strategy becomes clearer.(Research Enclosed)

TLS has reported this morning and ,on first glance, its good, real good…great number and all the right noises..change ,cost reductions, mobile growth, customer focus..etc but no mention of capital management which will disappoint some..hardly surprising though given the ACCC has yet to decide to allow separation..when it does and it will then we may see some moves on capital returns, buyback etc..One to keep…one to cherish and one to enjoy the income with..better than money in the bank!!

Expect a little weakness in the market today as we wait but I still believe the ASX200 is on track to get to 4500 by March ish!

I have also enclosed my speculative stock selection from 10 days ago for those of you who requested it..they have moved a bit and I urge you to continue reading my rants as you never know you might make some money from them!!

Remember bet with your head not over it!

Any financial product advice contained in this email is general financial product advice only and does not take into account any one person’s objectives, financial situation or needs. Therefore, before acting on any financial product advice in this email, you should consider, with or without the assistance of an independent adviser, the appropriateness of the advice, having regard to your objectives, financial situation and needs.