MARKETS SPECTATOR: Bank on it

Plenty of analysts are calling bank shares overvalued, and have sold into the recent rally. But that view doesn't stack up with the ongoing hunt for yield.

So are the banks overvalued and a sell or is it actually different this time? Many readers know my views on the ‘it’s different this time’ phrase and how it usually has me running in the exact opposite direction.

However, not in this situation. It is different this time because interest rates are at their lowest level in 50 years and returns on cash products aren’t too far behind them.

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