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Strategies & Market Trends : Value Investing
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To: Michael Burry who wrote (10157)3/9/2000 1:32:00 PM
From: Freedom Fighter  Read Replies (1) of 78559
 
Mike,

I don't know the BOA story.

I think a number of the banks are looking reasonable. I just took an opening position in STI. They have a huge stake in KO that's worth about $7 per share that doesn't contribute to EPS very much. It looks like they are overreserved too. ROE minus the KO contribution to book value is very high. Management is considered to be conservative.

MTB and WFC are two interesting ones also. These two are tricky because there are large amortization charges related to mergers. Both usually disclose "cash earnings" in their releases.

I think one negative is that this is the peak of the economic cycle so earnings and ROE may be above normalized levels. I wouldn't go out on a limb. A positive is that the consolidations may continue.

Wayne
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