CBA bubble bursts as property ponzi engulfs banks

It’s been the bubble that just won’t die. The CBA, ponderous utility with a dying business model, was misrepresented as some kind of new-age unicorn. This silliness handed it the most expensive multiple in world banking, and 50% above a peer group from which it is indistinguishable:

The problem is, with such a growth multiple, you’re supposed to grow:

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