Despite the smackdown Australian banks experienced yesterday with the release of Kenneth Hayne’s 954-page report from the Banking Royal Commission, the Big Four Australian banks are trading higher today.
So is AMP now good value, or should you simply avoid the company that has suffered (near) irrevocable brand damage? Before I answer that question, first things first. This tells you why actions (and numbers) speak louder than words. It’s also a reminder that large swathes of companies’ annual reports are simply marketing documents.