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Strategies & Market Trends : Value Investing
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To: Carl Worth who wrote (24045)6/5/2006 2:14:34 AM
From: Spekulatius  Read Replies (1) of 78702
 
I did not sell OSHC to make a macroeconomic bet against the US$. I simply believe that RBS.L is a cheaper stocks and less vulnerable to higher short term interest rates. The local thrift live on interest income and more specifically on the spread between loans and deposits and are bound to suffer with the St interest rates as high as they are now. RBS is cheap, has a diverse income stream (Fee's, investments, loans, insurance) and as a large bank (operating in GB, US, Europe and Asia) and subsequently can cope much better with diminishing loan spreads.

I also believe that online/money market savings accounts could threaten the ability of thrift's to collect cheap deposits in the future. That's a very long term trend and not a reason to sell those stocks today or tomorrow.
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