real estate is next, page-7

Whilst the banking sector might have come off 5/10% in recent times, it is by no means "cheap" when compared to global peers and its relative standing to the wider market…

I am well credentialed (having worked inside a major bank at senior levels) in saying that the 4-Major banks are low risk investments over the medium term: Solid businesses, consistent earnings growth (7-10%), good dividend yields etc

My picks (in order): ANZ (good management team, high growth Retail business, trades at a discount to peers), WBC (overlooked due to its exposure to the NSW economy), NAB (best quality franchise in Australia, but a very confused management team that have yet to prove the turnaround in my mind), SGB (better value elsewhere; basic bank, done well, but with limited growth options to execute against)… CBA (wait and see – lacks quality all-round in my view)…