Doom and Gloom Thursday, 13 November, 2014, page-22

Well you've got a situation where advisers now are petrified of getting it wrong ,so they put 80% of people's money into the banks Woolworts ,Telstra, Wesfarmers a few others . They might throw a bit in BHP just for balance.

These stocks therefore have to go up . If they go down they'll go up again.

The irony is that these companies were run like proper companies 30 years ago ,but now the banks particularly ,are run like specs . They're chasing an earn no matter what the consequences. And look at their SP,they've been rewarded for not being banks but for being money launderers and speculators.

Now I'm not necessarily saying that that's going to end badly ,because unlike the majority of companies they don't have to work to find investors ,the money gravitates to them.

But I am saying that it's creating an imbalance that's only going to get more prevalent . Whether that's just the new normal or ultimately it has deleterious consequences I don't know