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Yup, forget any ideas of the land being an asset, accept it's a setup fee. I took a similar view to you before these latest moves, I too felt that the land was a bit of a nest egg, I didn't expect it to grow and felt that over time it would diminish but it would be there just in case of emergency.

Cold light of day however points to this not being the case, LL don't seem to want to recognise the concept of land as an asset, hence why they are surprised we're not all jumping with joy and I now recognise that land isn't an asset in that sense either, I hope new people to the world realise this faster than I did because when the next price drop happens, I wouldn't like to see the same complaints.