NAB SPP Risks, page-28

Thanks Salty, I don't think many people would argue your points. No doubt NAB is a cyclical pig of a stock. But it is cheap, probably the cheapest out of the big Aussie banks. The SP is still about 90% BV. Admittedly VUK is often less than 40% BV and European banks consistently trade below BV in this low interest rate environment. So there is an argument for some bank exposure, but in a modest way that is aware of the risks.

For reference I also hold a number of the other financials you mentioned - Visa, Macquarie. But knowig these businesses well over a number of years they are completely different to a bank like NAB. And the price is completely different! NAB is a fraction of the price of these on almost any measure.