What a difference a few weeks make. The SET is +16% this month alone, though still down -12% ytd. Which sectors drove it? Resources (i.e. commodities and all) *personal pat on the back here*, and #2 were banks.

Though I’m right now listening to BAM’s call, and they’ve mentioned that their capacity of buying bad assets is 30bn, the industry can take 70bn, and that there’s 500 bn available in the market. What an opportunity for these players, but it still speaks to the problems of the banks. Forget about the strong double digit ROE’s of the past and therefore expect for P/BV’s to remain low.