FOR two years, Dion Hershan has been in fairly select company -- gloomy on the outlook for commodities and local resources stocks and upbeat about the US.
Now, as real concerns emerge about a bubble in major-bank share prices, the Goldman Sachs Asset Management (GSAM) managing director and head of Australian equities says the banks represent good buying.
But he does not endorse the frenzied global hunt for yield, which has helped drive the value of Westpac and CBA above $100 billion and into the world's top-10 banks by market capitalisation.
"We just wrote a note to some of our clients saying we're actively looking for low-yield companies," Mr Hershan said. "The markets are at a fascinating point where investors are at almost peak levels of impatience -- everyone wants the dividend today or the special dividend tomorrow.
