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Transcripts
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RSInvestor
1 Comment
U.S. Sector P/E Ratios [view article]
I appreciate the information. However, just using PE to determine relative valuations falls a bit short of the big picture. Especially when it comes to financials. The current interest rate environment sets the stage for financials to blow away (dismal) estimates in 2H 2008.My thesis is based on the fact that their cost of money, Federal Funds rate and bond rates, are very low. Meanwhile, consumer interest rates have not dropped at all. A 30 year mortgage is the same today as it was 12 months ago, when the Funds rate was 300 basis points higher. This has to widen margins for banks still lending money.
On a price/book basis, the financials are attractive. I do agree, though, that strictly looking at earnings, financials are toxic. Apr 24 02:15 PM