The Bearish Outlook for Harvey Norman and JB Hi-Fi

Ozzby: You can have a very bearish outlook and still make a case for value. The question to me is, is this a business that is structurally challenged? If it's the latter, I think there's a very interesting case for value in Harvey Norman or JB Hi-Fi. But be careful here - you don't want to buy when earnings are down but multiples are down. And if they emerge at the other end with a decent yield on today's price, that's an incredible buy.