GSH1976

Dick Bove: Buy Banks, Avoid Brokers

Bove has not been dead right. He made the bearish call last August and has lived off of it. Shortly afterwards he became bullish. He called C the buy of the century when it was trading over $30. On 12/14/07 he said in reference to C "The dividend is not going to be cut. It is not even remotely possible that the dividend will be cut." Then he went on to say that bank dividends were not going to be cut and would actually INCREASE in 2008. That is not even a remote possibility.

He was on Bloomberg a little over a month ago and recommended that people buy LEH because they are thriving from the increase in refinancings. In case you haven't noticed refinancings spiked for about two weeks and have since plummeted. Great call Dick.

That is nothing compared to his recent recommendation to buy BSC. Yes BSC. Amazing that none of this was mentioned by CNBC.

Instead CNBC decides to put their spin on this by stating Dick Bove had JUST BECOME bullish. That could not be further from the truth.