This is brutal, page-15

Loaner,
That is very easy. I have, say 20,000+ shares in ANZ (and also WBC, NAB and CBA accumulated over the years) in my SMSF. ANZ pays $1.81 a share in fully franked dividends this year with a forecasted dividends certainty of 99%. I get $40,000 a year from ANZ and as a pension fund, there is no tax. Actually I get a tax refund for the 30% franking credit. With over $100k after tax dividends income a year from the banks alone, do I care if the share price fluctuates in the short term?

I also have Telstra, albeit at a book loss, but the dividends pay for my Bollingers so why should I sell them? Trying to make billions trading in and out is how you lose all your money. I am not greedy, I just want a comfortable life.

The Australian banks are among the safest long term investment in the world. I tell everybody I know who cares to listen - buy the banks every month if you have money left over from your salary and don't worry about what price you paid for them and what price it is now, you will live a happy life when you get old.

I buy and hold banks for income and trade penny dreadfuls and FX for fun.