We talked about high PE stocks this morning with the view to being very cautious around that part of the market. That said, there were still a number of them that are on our radar and indeed a few that we currently own. There’s no sugar coating it, this part of the market has been smacked in the last 6 months with the return of the companies listed below being -38% during that period. The average PE for these stocks is 43x forward which compares to the ASX 200 in aggregate which sits on around 15.5x forward.