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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