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James...The PM has said she will not lead the Tories into the next election,but the alternative pretenders to her throne don't look very enticing do they.You are obviously way more qualified than me to make a sensible assessment of what is in the best interests of the UK.So what should happen next?.

Hi Cov...We started this and are not in a position to be thumping any tables or making demands.The EU are right to tell us to poke it and we should just walk away and call off Bexit,thats what the majority of the population now want anyway.

Like any divorce we can only push the EU so far before they say take it or leave it.The PM says she has got the best terms available and that nobody else will get more.Its all very easy to criticise what she is doing but anyone who thinks she has failed the UK doesn't understand what she is up against.Lets just call the whole thing,it is not clear that those who voted leave had any idea of the implications of their vote anyway.We still don't know.Time to lay off the PM and let her reach a position that Parliament can live with or call another referendum.The thought of Corbyn handling the UK negotiations does not bear thinking about,he just wants us back in the 1960's.Can you also just imagine Boris in the driving seat,he would be on the blower to Trump a dozen times a day looking for guidance.

https://www.bbc.co.uk/news/business-46538831

Steph....we are not in a position to enforce the deal we want and the PM has done the best deal that the UK can negotiate,no other UK politician can wave a magic wand and get the EU to submit to our requirements.The whole thing is a disasterous nonsense and we will all be worse off,best to call it off via a second referendum.

https://news.sky.com/story/brexit-blamed-as-housing-market-hits-six-year-low-11579391

you must be reading a different set of results from me.

Steph your post ......The UK has told the EU it wants a divorce but it wants to keep all the good parts of the previous relationship and the EU,as it would,has said poke that.What has she made a mess of,the EU has said if you want to go,OK,but don't expect the cherry pick the best bits for your divorce settlement because it is not going to happen.Get real.

https://www.oddschecker.com/politics/british-politics/theresa-may-no-confidence-vote-2018

Based on recent notes forecasting full year earnings being below guidance,NAV for year ending March 19 should come in around 340p so TEF shares are now trading at a 17% discount to NAV.Does the current political chaos justify that crazy valuation?.

The lunatics are now running the Asylum.

https://www.bbc.co.uk/news/uk-politics-46509288

https://www.theguardian.com/uk-news/2018/dec/10/mayor-sadiq-khan-to-look-at-imposing-rent-controls-in-london

The path of homebuilder SPs this morning smells very strongly of irrational panic ahead of this weeks Brexit vote and its repercussions.Is this a time to be greedy or a time to be fearful?.

Sain..I think you will find that the banks are looking to reduce their exposure to construction loans and facilities and are putting pressure on those clients to reduce their funding requirements.Kier recently were obliged to sell off some assets as a result of bank pressure.

On the basis that TEF will achieve PBT of 46m ( the guided figure of 50m looks a massive hill to climb) for financial year ending March 19,the NAV will be about 340p per share.So on the basis of your long term PBV of 1.5,that equates to a SP of 510p.,that is 71% above todays SP,excluding dividends and would be a record high.Difficult to imagine that happening in the next 15 months.

https://www.dailymail.co.uk/money/mortgageshome/article-6468173/Property-prices-Londons-commuter-belt-expected-fall-2-year.html

no 4/7

yes 5/4

Sain...you put forward the idea early this year that SPs could see a substantial fall this year and that has come to pass.As far as homebuilders are concerned,two factors are mainly responsible for the fall,Brexit and HPI in the last 5 or 6 years.
Most of the things we worry about,never actually happen.As far as Brexit is concerned,is it really possible that the UK will push the self destruct button and put us in the position of being worse off than before the referendum?,surely we are not that daft and a sensible outcome will materialise.
HPI since 2013 has been eyewatering and that has to cool off for a few years,so perhaps we need to get used to the idea that EPS will either stagnate or back track for a while,we have been spoilt big time in the last five years.Housing demand continues to be storng and perhaps we are about to enter a period where rental rather than private sale accounts for many of the new homes being built,either way TEF have it covered.
So maybe,all this is now reflected in SPs and next year will show an end to the excessive worries which should allow SPs to stop falling any further and perhaps stabilise or even creep upwards.
It could take another few years of 0% HPI to rebalance the market but if past experience is valid,there will come a time when home prices are "on fire" again.
So in conclsion,Sains idea of a further 40% fall in homebuilder SPs may be one prediction too far......

COV....a quick check shows that there are no shorts open on TEF right now.