The managing director of $5.5 billion Argo Investments is worried that financial markets are factoring in only a short pandemic, likening it to being in the first quarter of an Australian Football League match.
Jason Beddow said ANZ, Commonwealth Bank, NAB and Westpac are likely to be in for an extended tough time and will be hamstrung by banking regulators, leading to consistently lean times for bank shareholders.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
