Whilst sharing a meal and glass of red with a banker friend of mine last night, I expressed surprise that Commonwealth Bank had been the first to move on rates. With such a massive retail base, I explained, it would seem to me they have the most to lose.
It wasn’t a surprise, he responded, everyone knew Commonwealth would be the first to go. When I pressed him further his explanation was ‘it was their turn’.
Collusion amongst the big banks? Surely not.
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Forager Funds is a boutique fund manager specialising in a value investing approach. We offer an ASX listed Australian Shares Fund as well as an International Shares Fund both aimed at delivering returns for long term investors.