xjo - macro players pls, page-17

Just saw this lol.
My opinion no better than others but anyway:

- so many variables and risks in the world makes it very confusing atm, but uncertainty usually provides opportunity.
- competition wiped out so competitive advantage improved. Business margins widened.
- impairments reducing at least atm.
- earnings should show good growth in the next few years barring depression or govt intervention.
- CBA and WBC are overvalued compared to the other 2,understandable from the last few years management but from here could normalise at some point?
- NAB takeovers are value destroying. Hopefully they stop the nonsense.
- CBA and WBC highly reliant on the housing market. WBC maybe undercapitalised and may need a cap raise
so I took profits.
- Housing market is a risk.
- Warren Buffett confidently holding his banks.
- Inflation protection, as banks simply take a percentage of the economy.
- Aussie economy has good prospects, big money inflows for many reasons.
- so all things considered they're undervalued on a forward PE basis imo.
- I reckon the US and Europe debt issues will be resolved by currency devaluation/more money printing.

so I'm about market weight without gearing.
regards,
dh.