Tagliaferro: One bank to buy, one to sell

Anton Tagliaferro, Investment Director at Investors Mutual, thinks the banks have been oversold following fear around the housing market. “There is a bit too much fear at the moment on housing. There’s no doubt some parts of the housing market are a bit overheated, but there don’t seem to be any problems at this stage.” He’s singled out Clydesdale Bank as one they’ve been buying. Despite always being a “thorn in NAB’s side”, it not aggressively priced at 0.6 times book. It has no goodwill, is well provisioned, and has new management. “It’ll take a year or two, but I think they could do a good job and grow it. He warned investors about ANZ, saying to be careful of their lending to resources and their Asian exposure.


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