I would love to know who is buying and locking in this 2.9%...

I would love to know who is buying and locking in this 2.9% dividend yield. People talk about capital gains, but the gains are made for initial investors only. People who bought today have made no gains, and instead will receive a dividend lower than the rate of inflation. Therefore its a net loser in terms of income. Buying a stock with a low dividend yield is not uncommon given expected growth. But there is no growth in CBA's earnings. CBA hasn't improved its EPS over a 10 year period. It's the most mature company in Australia and would struggle to grow beyond that of our GDP - which in itself is on life-support growing 1% per annum.

There is no efficiency in the current share price. You are not supposed to own a non-growth stock that pays out 80% of income in dividends because it can't compound those earnings, where that dividend is lower than the rate of inflation. Whenever I mention the rate on the government bond yield, the response is the same - bonds have no capital appreciation held to maturity. Yeah, but they also have no capital loss either. For me this is telling, as supporters of CBA share price are sold on the idea it's only going to go up. No sentiment at all you could be buying stock that could lose 20-40% from current price quickly if the market prices CBA back to his historical average. This to me screams bubble.

This is total utter manic behavior. Especially when US banks have seen some weakness in the past two weeks. CBA is now trading on a 113% premium to JP Morgan on an earning basis. You are delusional if you think this is a next level bank that is pioneering banking. And its doing things the Americans, British, Canadians, Japanese arnt. Jamie Dimon the CEO of JP Morgan recently said he would not initiate a buyback at more than 2 times book. CBA is currently 3.6 times book.

How can anyone justify this valuation? How can anyone tell me this isn't mania?