What the ANZ result told Paul Rickard and me. It’s buy time!

Founder and Publisher of the Switzer Report
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My old mate Charlie Aitken has had to go on a short sabbatical for a couple of weeks, so this week I want to share with you what Paul Rickard thought about the ANZ result.

This comes when NAB positively surprised the market on Thursday and many of us are holding our breath to see how the Royal Commission recommendations and Government response affects the bottom lines of the banks. Both Paul and I believe the market has taken the logical pathway of dealing with uncertainty the way it always does — sell first and ask questions later.

However, as longer-term investors we believe that when it comes to the banks, we’re in, or around, buying territory. What follows is Paul’s take on ANZ’s show-and-tell on Wednesday, which he wrote for Switzer Daily, but the difference is that I’ve decided to throw my twopence in as well, which I will slip henceforth into brackets, so Paul can’t complain that my view has tampered with his!

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