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Good Reading -- February 2016

Apologies for the choppy and uneven formatting -- my website editor is apparently having some issues. -- Phil



  • "If you read the newspapers, sometimes it feels like [the 2008 global financial crisis] could happen again, and from where I sit, that’s just not true. The regulators learned the hard way they were wrong, and they’ve done a lot to correct a lot of the problems. In 2001, Citigroup was levered 22 to 1. In mid-2007, it was levered 33 to 1. Today, it’s levered 10 to 1. The banking system probably hasn’t been this safe in my lifetime." -- Steve Eisman

  • “This is an exciting time. Bank balance sheets are as strong as they’ve been in decades, and stock prices resemble recession troughs. Earnings are more stable than they have been in decades, and capital ratios are at the highest levels in 80 years.” -- CLSA banking analyst Mike Mayo

[Note: These are not investment ideas or recommendations -- just a couple of interesting thoughts from people known for their bearishness or skepticism. -- Ed.]


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