At last people away from the industry's chalk face are emerging, coughing and spluttering, through the smoke and mirrors about pubcos.

Goldman Sachs, who clearly are not in the business of wanting to make people panic, politely state the bleeding obvious: pubco estate valuations are massively over stated and pubcos are effectively insolvent. If the directors know this they are trading illegally but no one's prepared to admit it because 1) It goes agin the status quo which is these companies are reliably highly profitable and low risk. 2) it's too embarrassing to note out in the open that while the whole property market has collapsed in value pubco property values have risen. 3) Even ignoring the tad reality out in the open that while the whole property market has collapsed in value pubco property values have risen. 3) Even ignoring the tad reality

causing red faces all round the boardroom that dropping the value of the national pubco estate by the uncontentious - even to a lay person - 20% (TWENTY PERCENT) it should fall by puts them into insolvency as businesses

Enterprise's value is based on hot air: SELL before everyone else wakes up to the bleeding obvious.