Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Societe Generale Continues To Grind Forward

(Editor's Note: Investors should be mindful of the risks of transacting in illiquid securities such as SCGLY. Societe Generale's primary listing in Paris, GLE.PA, offers substantially better liquidity.)

The last three months haven't been the easiest stretch for Western European banks, and Societe Generale (OTCPK:SCGLY) is down around 6% over that stretch. BNP Paribas (OTCQX:BNPQY) has been even weaker (down more than 10%), while Credit Agricole (OTCPK:CRARY), UniCredit (OTCPK:UNCFF), Credit Suisse (NYSE:CS) and many others have done better but are still down over that short stretch.

Not all that much has changed, but banks have moved to a different part of the recovery phase. First quarter results were pretty "meh,"...

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