Australia's major banks have been wealth creation engines over the past decade...except for one.
National Australia Bank (NAB) has failed to create anything like the results of the other 'Big 4'.
Profitability has been sliding, and the ROE has remained inferior to the other major banks.
While the share prices of all the other banks have soared by 80-100% over past decade, NAB has continued to tread water.
At least part of the reason has been NAB's UK exposure which has held back its profitability.
As a result, NAB may appear to be cheap.
Remember the old adage, though: "it is better to own a wonderful company at a fair price than a fair company at a wonderful price"...