From 1965 to 1982, the yield curve in this country was inverted 47 percent of the time, yet bank earnings averaged a more rapid increase than non-bank earnings. Bank stocks also outperformed the SP 500, on average, over that period.
More Quotes from Richard Bove:
The problems in the credit card division are structural, and kind of long-term,Richard Bove
I think it's clear that the banks that are more tied to the retail sector are going to have a much tougher quarter compared to those with diversified positions. The banks in the retail sector have to deal with interest rate compression, loan volume will be tougher, and they don't have the trading or investment banking that are hot now.
Richard Bove
Citigroup needed a lot more earnings to hit its estimates and Sandy just found them in a dominant company, ... This will give them a foothold in the United States, which is critical because that's where the money is made.
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It's increasingly difficult to be a regional broker. There's a lack of trade to worry about, yes, but you're also dealing with pricing weakness, competition from the big New York City companies and the universal banks that offer everything from checking accounts to financial advisory services.
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because it reinforces Mr. Dimon's hand to make the changes he wants.
Richard Bove
These brokerages are going to say about the quarter that just ended, 'It never happened,' because basically all of the core businesses you look at were flat or down somewhat, ... Depending on the company and the nature of its earnings base, earnings will be weak to very weak.
Richard Bove
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