Note the reality here – people are chasing these stocks with speculative hot money, they are no longer valuing them on TCE or similar metrics, but rather what they might earn in a recovery.
Well what if we don’t get one?
Buying bank stocks here eh? Uh, not so smart – and note that Bove was actually pretty bearish even on JPM, which is everyone’s darling.
For the first time in over a year, I agree with Bovine Dick.