As I have noted for many years, managing money successfully in Australia is as stupid as the structure of the underlying economy.
The only question before any fund manager that matters, given his/her reliance on relative returns, is whether to be overweight miners or banks.
Equally, for a year or so I have been arguing that the CBA bubble will not burst until fund managers prefer to invest in miners and that moment will only come when commodity prices, most notably iron ore and two coals, are a lot lower than they are today.
