Exactly. Be in them until the music stops. I bought into NAB particularly on the share capital riase last year and sold out on recent highs. I'd stay in the banks until you think they've blown their capital reserves on the highs. They have nothing more pragmatic to do with their masses of cash. Get out and wait for these interest rates hikes next year and who knows, capital reserve requirements will probably go up again.
CBA and WBC had to do Capital returns due to their tax structure and market pressure from the big boys in town. You could do a lot worse long-term than buying shares when the banks issue (invariably on the lows) and selling them when they do share buybacks on the highs.
WBC Price at posting:
$24.06 Sentiment: Sell Disclosure: Not Held
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