sounds simple , page-15

vishalt & shukit

Re your comments:
"... What's p##### me off about Australian banks is that the fact that we have had no direct sub-prime exposure and had no write-downs.
Yet our stocks have been trampelled on as badly as global peers.... "
"... our share market has very relax regulations on short selling compare to other countries. Hence we are targetted by international hedge funds."

IMHO there are multiple factors at play: RBA has kept raising our rates, forcing the $Aud toward US$1 [although we have less of it the overseas value is greater]; the new fed govt has embraced the fight against inflation; media loves playing on fear; an ever-increasing number of Ozzy financial organisations are biting the dust & many of them have our banks as creditors [albeit usually secured]; the resource sector is very attractive alternative to investors; ASX transparency is woeful - I can access almost anything about transactions overseas but in OZ we speculate as to which instos are shorting [covered & naked]; during this high period of volatility stock are held to account for spikes in the SP but sudden tanking goes unchallenged - many think insider trading has increased; small investor confidence in our regulators is rock bottom & IMHO justifiably so.

Mr Market feeds on our fear & impatience - although my CBA shares are down 30% I hold knowing it is a sound stock that pays exc. divvies & will eventually rebound. For my part I will buy CBA again as soon as there are clear signals that sentiment towards financial stocks has improved.

4YIO - NFA