It might be a great buy if you have a very long term plan, but I think there are much better buys in the short term.
Nab's management record has been a shocker now ever since Frank Cicutto was MD. The share price should be closer to $60 than $20.
The hierarchy are out of touch with reality, and the company is basically without leadership at all. Its drifting aimlessly. Deals such as the Axa deal have more to do with perceived prestige and one-up-manship of the MD than any real economic benefit. Why else would they be buying Professional Investment Services, which has a shocking record?
Its human nature that if you are getting $10 million a year, you must be incapable of making mistakes. And if you do make one are you going to reverse out and admit it? No way.
The share prices are currently being driven in my opinion by sellers from New York taking their massive $US currency profits.
NAB Price at posting:
$25.94 Sentiment: None Disclosure: Not Held
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