Harvard Winters
Long/short equity, growth at reasonable price, value

Why KeyCorp May Be One Of The Bank Sector's Safest Bets

Some investors believe a bank's share price shouldn't dip below tangible book value per share ("TBV-PS"), because if it did, a bank could liquidate its assets and liabilities and make a cash distribution equal to TBV-PS. I don't agree with this view for several reasons. The bank's tangible book value number might be suspect, or return on tangible common equity might be low enough to ju...

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