Star analyst shuns Aussie stocks

The CLSA Asia-Pacific Markets analyst, who publishes a weekly newsletter called "Greed and Fear," detailed his views about a wide range of market and economic issues at this week's CFA Society annual dinner in Auckland.

His negative view on Australia contrasts with many New Zealand analysts and fund managers, who have been increasing their exposure to the Aussie share market in recent years.

However, Wood is keen on the "growth story in Asia" where countries like China, India and even Indonesia are growing rapidly despite the sometimes volatile nature of their share markets.

"I am funding my longstanding overweight in Asia by a corresponding zero weight in Australia," he said, although "It would have worked out better if the Australian government hadn't guaranteed the banks' bond issues in 2009."