Bell Potter's Charlie Aitken has used this week's shock unemployment rate as a trigger to start selling banks and look for other stocks that could do better
Bell Potter's Charlie Aitken has used this week's shock unemployment rate as a trigger to start selling banks and look for other stocks that could do better. While the big four Australian banks are 30 per cent of the ASX200, in my view some SMSFs have over 50 per cent of their money in Australian banks. There is a monumental private investor overweight in Australian banks and my point today is I simply don't think that bet will work, in terms of generating relative outperformance, from this point. In fact, I think it will generate relative underperformance, he said. Rather than the banks, these days Aitken is more interested in stocks that are unloved, have underperformed and are high up on the short sellers' list. They include BHP Billiton, Rio Tinto, CWN, IAG, ILU, STO, AMP, &SGM. Read the full report by at this link (VIEW LINK)
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