Buying the banking giant is a risky, contrarian play, says Phil Oakley.
Not so long ago Standard Chartered was seen as the bank to own by many professional investors. Unlike its London-listed peers, such as RBS and Lloyds, it had not borrowed too much money to make too many bad loans, and didn’t need to be bailed out by taxpayers.
Not only were its finances in much better shape, but it was also making lots of money in the fast-growing emerging markets of Asia and the Middle East. All this had pushed the share price to lofty levels.
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