Sell Commonwealth Bank and buy this stock instead

The Australian economy is about to face its biggest challenge in over two decades.The mining boom is over, interest rates are low, China is slowing and the RBA is worried. Investors, in what may well turn out to be a state of mass delusion, are rushing to the 'safety' of the big banks.Commonwealth Bank's (ASX: CBA) share price has more than doubled since the Global Financial Crisis and price-to-book ratios for the big four are at the top end of their historical averages.All this hides a nasty little fact; while banks look like defensive, high yield investments, they're actually highly...

The Australian economy is about to face its biggest challenge in over two decades.

The mining boom is over, interest rates are low, China is slowing and the RBA is worried. Investors, in what may well turn out to be a state of mass delusion, are rushing to the 'safety' of the big banks.

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