Banks

A long time ago, I got rid of my SUN shares because it was perceived as an insurance company.  After years and years of sustaining losses on my NAB shares, I also got rid of it about 2 years ago.

However, I have not topped up my other bank shares but neither would I sell any.  The dividends are better than putting the money into fixed deposits.  And in recent weeks, they have run up fast.  Today my ANZ is break even, while my WBC has been above average while CBA, my biggest holding, is powering ahead.

The history behing CBA is interesting.  During first privatisation, I had no spare cash (paying off my mortgage) but I participated in the second tranche.  Most of my CBA came via State Bank Of NSW.  I made a huge paper gain when it was swallowed up by CBA.  CBA has been a slow but rewarding investment.  I have no intention of selling any bank shares as I grow older.  In Australia, it is THE safest sector to park your money in.