CBA TA update, page-1314

Interesting chart.

Like many here I've been watching CBA a long time, the last year I've never seen anything like it.

In my mind, trying to understand the PE expansion in light of pretty constant earnings and risk-free rates the only explanation I'm coming up with is what I've called the 'gold ingot' theory; that CBA is being seen as store of value in uncertain times. Typically in Aus, property has held this role, but with most property being uninvestable right now (cashflow perspective), perhaps the $$ has been flowing into bluechip stocks. That's my theory anyways.