District Banker

Don't Believe the Lies: Ride the Bank Stocks Bull

You have to be kidding me. Take a look at Tom Brown's 'Second Curve Capital' 13F and tell me there's no conflict of interest in his calling the bottom. He's gotten his face ripped off in the past 12-18 months, and he's trying to salvage what's left of his portfolio. Bring on 'Third Curve Capital....'

How To Buy a Bank (and Other Beaten-Down Stocks)

You really want to pay 2x TBV for HCBK, a company that generates 8% ROTE? Oh, and don't forget that over half of their 1-4 book is purchased (1/3 of which is NOT in NJ, NY, CT). Anyway, enjoy your investment in Interest-Only (they underwrite those), Low Doc/No Doc (yep, they're in those too) mortgages scattered across the country. Their 30 bps of reserves won't cover the losses, but their capital probably will.