A: Thanks for the question.

I dont think Charlie has changed his mind about the NAB being his preferred banking stock.

Rather, with many SMSF trustees and other retail investors being overweight the banking sector, he is saying that the yield stocks will fare less favourably going forward. Index weight investors would have around 38% of their portfolio in financials - so even if you positioned below index weight, there is still plenty of room for an exposure to NAB.