WOW 0.37% $35.73 woolworths group limited

Woolworths sales figures, page-9

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    Katie, my mistake, which I failed to correct until now. On 10/4/02 Corbett gave notice of the disposal of 48,000 options, not shares. However, my comment relating to the notice of 2 million options exercised on 15/7/02 remains. Corbett wasn't allowed to do anything with them until this month as I understand it. Given most were granted in 1999, they are worth a packet to him when he sells the converted stock, which is one reason why I went short on WOW two days ago (sadly, only for a day). Another reason was I couldn't see how things could get any better. For a number of reasons, not least of which is size of holdings and profile, it's what Corbett is doing that matters more than anyone else I think.

    Not just the PE that matters - not much asset backing that I can see and questions about growth avenues and the markets in general are being brought into focus.

    My grocery bill has gone done in the last year at WOW, simply because I buy the sales in bulk which seem to have fallen into a somewhat regular pattern on many lines. In my area, Coles remains the brighter, cleaner and more efficient service store, albeit with generally less variety for like sized establishments. WOW used to be great for fruit and veg., but has gone off a bit in recent times. No idea if that's the case elsewhere. It remains one of the most expensive "grocery" stocks in the world according to the Australian's Robert Gottliebsen.

    Corbett had a bet last year with Walmart's chief, if I recall correctly, about WOW ever getting to $10 and Walmart getting to some specified price as well. Both ended up shaving their heads because they "won".

    On the charts I notice a 30 month, upward sloping support line only a little below today's close, on the linear chart, not the log one. Perhaps it could be called the "Corbett" line.

    Disclaimer: I have no position in WOW of any kind at the moment.
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