No one can say whether ANZ is being knocked back to fair value,...

No one can say whether ANZ is being knocked back to fair value, or whether the current price is distorted by short-term activity. Only time (next year or so) can tell.

But some factual evidence suggests there is market distortion happening right now. Specifically, ANZ has been massively shorted, to the tune of 11.8 million shares Friday out of 19 million shares traded on that day. That's more than 60% of all activity was short selling. Similar high short selling (but lower volumes) throughout the week.

This isn't just about ANZ. Several reports over the past year that global hedge funds have been targeting (i.e., short-selling) OZ large and mid-cap stocks. This massive activity also creates a self-fulfilling prophecy because small-fry traders jump on the stock with short sales or "real" selling of their own shares on any stock that doesn't have great upside results. Perhaps you've noticed the amount of stock plunging going on throughout 2015 when companies present their results. The stock value tends to slowly rise upward again when the short sellers have moved on.

For the record, I believe short-selling and HFT activities should be banned, mainly because they do not contribute to the investment market's raison d'être (exchange of capital between investors and companies).