%6.24 fully franked at current price, page-9

Hi Peter,

yes, a fair call. The problem with monoliths (as with the Titanic) is that they are very hard to turn with any speed.

Add to that NAB has lost an awful lot of its executive talent in recent times (and that is a relatively shallow pool in banking apparently) and the challenge for Stewart gets harder and harder.

New executives need time to learn the company are from outside. If they are being promoted thn they are untried.

On top of that, growth by acquisition (as NAB has proven time and again) is fraught with dnger and NAB has shown no capacity to be able to effect these successfully. As the saying goes, the more you do of what you've done the more you'll have of what you've got. (or less in NAB's case, LOL!!)

ps I don't know why people think that NAB having a high historical yield at the moment means the s/p is going to go up? Maybe the yield is going to come down another way? ie Lower divvie?