Returns aren't going to be as tragic as some are portraying because the mining stocks are still looking fine. The resources stocks rely more on global growth so, to a degree, they're insulated from many of the woes afflicting our own economy.

This theme is continuing and not just in the mining stocks, but in any related sectors. This is a macroeconomic trend.

That's another fine mess you've gotten me into

I think he'll be fine because he's a champion, ... In these situations champions come to the top and if he can get the ball down to the other end then I think he'll play - he wouldn't let himself or the team down by saying he's right when he's not.

Iron ore and steel stocks were supposed to be struggling, but they brought us some of our best returns in the quarter.

Developments in New Zealand are of little relevance to Australia, so won't have a lasting impact.