Its now rallied higher than JP Morgan since the election. The basis for JPM rally is expectation of increased financial deregulation & potential easing of corporate tax rates prompting the American markets to add 10% to a company trading on a 13.5 multiple.
Here in Australia, no prospect of widespread deregulation, no prospect of easing on corporate taxes in Australia, and already on a ridiculously high multiple (27.5), yet the enthusiasm for our biggest bank runs hotter than the Americans enthusiasm for their biggest highest.
This is total and utter insanity. Not old enough to have been able to trade in the dot coom boom & bust, but this is must of what it was like. Total irrational behavior and totally asinine levels of valuation. The mania is out of control.
(20min delay)