Finally some sensible commentary to address the ETF myth of why CBA is up… thanks for sharing @thunderhead.

It is interesting to see CBA spike again in June, I suspect that fund managers who were light on it or not in it needed to add so they didn’t look like idiots by not holding one of the best performing stocks for the quarter. Profit taking and unwinding of these positions has been the theme since the end of June as CBA is dropping fast. 

It will be interesting to see how it’s safe haven status holds interest at such high prices. Valuation will eventually win out, but when is uncertain, maybe some certainty around the tariff situation will provide that certainty needed (or less uncertainty).

It was highly over valued at $140 on a returns basis, but if all you care about is wealth preservation over the long term, then $140+ makes some sense until you can find an equally safe alternative with a better return.