Do we really think that Australia’s big four banks – four of our most leveraged companies – are the world’s new defensive safe haven? Pull the other one. We all get sucked into catchy market narratives and this one is just the latest.
Yet here we are. Bank shares are running again, the already-expensive Commonwealth Bank of Australia has done more for the S&P/ASX 200 than the next three best stocks combined this year (Wesfarmers, Telstra and Evolution Mining) and investors go into next week’s bank reporting season looking for signs of the big bank’s defensive qualities, not growth.
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