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The AUD’s RBA stupidity premium is eroding this morning:
Bonds are still hot stuff:
The XJO bubble is still bursting:
Big Iron has a little dead cat bounce going:
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Big Gas doesn’t:
Is there hope yet for Big Gold? Certainly coming out of the crash there will be with US interest rates at zero:
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Australia’s bank bubble is also bursting with WBC leading:
A glance at forward P/Es shows how prep0sterous valuations got and still are. CBA is orange and WBC blue. 19x for no growth?
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If we get full blown local recession, 10x does not seem stupid to me…
Big Realty has miles to retrace as well:
XJO is massively overvalued coming into a huge shock. Do the math!
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.