MQG was around the same price as the big 4 and left them in its wake the banks have paid good dividends but no growth and tapped investors for cash and they are now back at similar levels to the GFC and MQG is around $100 ,do the sums they have been a poor investment,fintechs like paypal will not be taken over by our banks.
I have around 10% in Australian banks I got out of the banks when I realized that there was dividends but no growth and got into RMD,ALL,FPH that offer good products in growth industries worldwide where as the Australian banks have largely withdrawn from the rest of the world, sold their life and super businesses so they are not investing in growth and now the housing market is contracting and they face more competition.
The banks need to go up 50% just to get back to January levels and if they are not growing business that will take a long time especially with the dividend cuts to come if you keep a large part of your portfolio in Australian banks then you are missing out on growth and other opportunities that are changing the way finance and our lives will be conducted in the future,the Australian banks are small players on the world market and diversification overseas has served my portfolio well and far eclipsed the returns had I stuck with local banks.
There is plenty of material to read that I think will change the way you think on the issue I would suggest a look at livewire for a start.
WBC Price at posting:
$15.92 Sentiment: Hold Disclosure: Held
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