@JackFarley96 Destroyed by their own central bank

@MMikethe I wouldn't be surprised if $BAC will do well. Great deposit franchise. Some duration issues with MBS & mortgages. Stock may go down more if we have a recession. If no recession, $BAC could be cheap here Don't know enough about $C to have a view on it

@JackFarley96 Jack. There’s a reason.

@DavidKotokGIC Thanks for sharing, David. In my view, bear steepening bad for book value of banks but good for earnings power. If you & I could borrow at 1% and invest risk-free in 5% notes, I bet we would do well over the next few years Risks: credit, recession, deposit costs rising

@JackFarley96 Now $BAC & $C are up marginally on the day...lots of game left in the trading day today, however!

@GaryHaubold thanks for flagging. just corrected

@JackFarley96 Probably nothing

@JackFarley96 Both are on their COVID lows too

@JackFarley96 @gamesblazer06 #REVERSEREFLATION

@JackFarley96 hmmm ... insolvent banks making new 52-week lows ... somehow not very surprising ...

@JackFarley96 And Jack I know you know, hopefully all know, that 39.70 C is really 3.97.....

@JackFarley96 $C is a single digit stock in reality and needs to revisit that. $BAC has taxpayer insurance. They were smart and got way too big to fail.

@JackFarley96 A lot of volume on the $BAC Dec $15 puts this morning. OTM put premiums doubled after a large order came through

@JackFarley96 Jack, no one cares as long as the mega caps are doing good. 2023 has changed investing forever. In the future, when there will be turmoil in the bond or stock market, people are going to hide in mega caps. Why would anyone hold anything else given what you've seen this year?

@JackFarley96 The banking crisis is starting up again. Just watch.

@JackFarley96 Bank earnings reports will be terrible.

@JackFarley96 its all good, just print more M2 to get us out of it. or better yet, just gift those honest banks a couple $Trillion. They will do the right thing with it.

@JackFarley96 Run far, run FAST