Michael Holland Quotes on Business & Commerce (2 Quotes)

Investors, ... ... say that when interest rates go up, avoid the financial stocks. Last year, interest rates went up a lot, both the short-end and the long-end. But in fact, financial companies reported very good earnings. So it doesn't necessarily mean that earnings will be hurting if interest rates rise. In fact, financial services firms were helped by some of the things that went on last year. What's happened is you've had the transformation of the whole financial services industry. Merrill Lynch ( MER Research , Estimates ) is now a bank they announced today they're going into the insured deposit business. They're an Internet company as well. They're no longer just an interest-rate sensitive company.

It's the wild, wild West of the securities area, I wouldn't even call it an industry there.