CBA at $132? No one says ‘buy’, yet there are buyers
Commonwealth Bank is a tussle between active and passive investors, mums and dads and fund managers, and traditional valuation frameworks versus reality.
Commonwealth Bank shares are too expensive is the No. 1 consensus trade in Australian institutional equities.
Fund managers (the buy side) and brokers (sell side) are tripping over each other to agree. It has become boring; each day, another fund manager’s monthly or quarterly update arrives questioning the valuation; meanwhile, there are no brokers with “buy” recommendations on it.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
