did any of you predict nab's action, page-5

No, I did not predict today's reaction. Originally, I thought that the share price might rise 20-30c before dipping back. But the strength of the rise caught me out.

That so, I have been a holder of NAB stock since 1993 and, with every significant dip in the share price, I try to add to my holdings. Last Friday, I again did this.

Also, late last year, I cited NAB as one of my selections for 2004, aiming for a $40.00 year end price. I did so on the strength of:
1)
underlying Au bank earnings;
2)
growing UK business and banking improvement; and
3)
the likelihood that the AMP foray would be pulled up short (ie: exited from).

I did not expect the FX issues. No-one really did, despite what the other banking majors are all trying to say.

Same thing, Bullen an co, in suggesting that senior management were complicit in what occurred is clearly in error, especially if his alternate comment is to be believed.

In that comment, Bullen indicated that he had never met (or knew of) any management higher than 2 levels above him.

Given that his immediate manager was also his recruiter, this actually suggests that he and his team knew few others beyond their immediate management circle.

That said though, Frank Cicuitto remains isolated from day to day banking (being focused on strategy). He is not focused at all on the operational business.

In due course (much sooner than later), I do expect Frank to leave the Bank, along with Lewis and a few others. Last Friday, I suggested as to how the Bank could be managed during the resulting interim period, and still stick by that view.

In the event of Frank exiting, however, I believe that my own personal $40.00 price target will eventuate much sooner. Its now a question of whether the market will agree with me. Time will tell.