You're exactly right about MBL. However the Oz market is now at a PE of 17. That's too high so don't think what happens in America doesn't matter any more. Yanks are in denial - they can't accept not being top of the world. But their day is coming...MBL will keep rising as long as the yanks don't crash.
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macquarie bank limited
market confidence and about to move, page-4
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