ADL MM Sale

Other than when Bart and a few others went ass-up buying on spec, sale prices have maintained and increased in real terms since then.  But the overall situation is skewed: the upper end of the market has always been and will continue to be gangbusters as many at that end of the market be they breeders or buyers can most frequently offset losses against other unrelated business gains.  Top of the market: MM held up this year and believe Easter will also.

The centre of the market is holding its own at best from both a breeder perspective. We're talking Premier and Classic here, and they experienced 14% and 15% drops respectively.  The better lots sold ok but 2/3rds certainly suffered.

Whilst the lower end of the market is hurting big time.  Book 2 Premier was down close to 20% and suspect MM Adelaide will be a bloodbath for a significant number of vendors.

From a buying perspective have already mentioned the upper end.  

Those who are in for the middle market and lower market can probably get in as minor shareholders though their outlay will normally be reduced in the current environment.  Mind you, those with significant mortgages etc probably shouldn't be in the market in any event.  And won't be in the current economic environment.

Have further opinion about syndicators and trainers.  Ok syndicators enable people with modest resources to enter the market, but who wants to pay an extra 20% above sales price and a monthly management fee for the privilege?  Obviously quite a few, but that number will surely decrease as discretionary expenditure dries up.  Far better imo to approach trainers themselves for shares and avoid paying the syndication overs.