Long term investors (retirees?) -- Stick with banks?

[davo8]

I don't know if we've reached the bottom, what is the bottom? I'm not Nostradamaus, all I'm saying is when everyone around you is losing the plot and preaching gloom and doom, for a cashed up person its a good time to buy.

Worked for me for: Beach Petroleum, SP Ausnet, BHP ($33, score!), but I'm down on Neptune lol.

Are you for real? I said banks and financials are doom and gloom, you said time to buy and promptly jumped into energy and tech.

This thread was supposed to be about banks. Since it started ANZ and NAB are down another $1. The XFJ is trending down. Even WES is in trading halt because it can't refinance its debt.

Do you really think it's time to buy banks, or even hold them for the long term, during a serious global credit crunch?

 

[vishalt]

Are you for real? I said banks and financials are doom and gloom, you said time to buy and promptly jumped into energy and tech.

Do you even read what I type? I said I don't have the cash at hand to buy BoQ and WBC, if I did I would jump all over them like bee on honey, I have already jumped onto the others as they got clobbered.

Ofcourse financials are gloom and doom, but my argument, again, is I would *rather* buy Westpac at $21 than on the way up to $32, same with BoQ at $15 rather than $19, when share prices of high quality companies are distressed, IMO it is a good time to buy.

As I argued you make it sound like we have a financial system that has a rigid way of working from something like before christ and that we are going to have a run on our banks, the basics nutrients of society because of some disaster that is mainly US centric.

This thread was supposed to be about banks. Since it started ANZ and NAB are down another $1. The XFJ is trending down. Even WES is in trading halt because it can't refinance its debt.

I was correlating examples to the attitudes of gloom and doom.

Do you really think it's time to buy banks, or even hold them for the long term, during a serious global credit crunch?

Yes.

Why, are we going to have a run them?

You buy them as they break their all time high, I'll keep buying the banks even if they halve in value. Although history is not an indicator of future performance, we live in a world that needs to borrow money to pay for the things we like and many of the world's economies are doing pretty well, hence $$ for the banks and they will probably head higher in the longer term.

ps I have no tech holdings?