Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

REFR 1.623

-12.1%

Nov 17 3:59 PM EST

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To: Dr. Voodoo who wrote (5523)	12/15/1999 4:45:00 PM
From: Bill Wexler	Read Replies (3) of 10293

Since when has customer service been relevant to a bank? I say this in all seriousness. I've been banking at BofA for years and they are the experts when it comes to providing crummy service. The key to buying financials is not by gauging their customer service policies; otherwise, just about every bank stock would be trading at zero. I believe the financials are putting in a secular bottom. There is so much bad news out and the stocks have been sold off so much that I'm having a hard time figuring out where new sellers will come from. The only thing to do here is to find the good franchises with solid balance sheets and buy them. They may not provide the excitement of internet stocks with their huge moves every 10 minutes, and they may wheeze and huff a bit in the next few weeks, but I am quite confident that this group will eventually produce excellent returns from these levels - and I don't think you're going to have to wait very long into the new year before you see a lot life in these stocks. WM is trading at about 9 times trailing earnings and yields over 4%. Adding the yield to an ULTRA-conservative estimate of 11% earnings growth looking forward means that the stock will eventually trade in the mid 40s to low 50s.

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