Thanks for the thread prompter Michael. I have to agree. A couple of examples: ANZ is now at 12-month forward P/E of 12.2 and 5.0% fully franked yield (current) and 5.45% estimated 12-month forward dividend. Yummo. IAG is at 6.6% FF dividend. Now IAG has been cut down lately, and everyone thinks the going's gunna be tough for a couple of years. But even if the dividend doesn't move for three years, but earnings rise at about 7-8 % per year (as per consensus forecasts) then the 3-year forward P/E will be 10 (in other words, the only way is up). At 6.6% FF yield, these shares are self-funding up to 9.5% interest rates. And this is a company that might just be the next local takeover target!