TheStreet.com
Doug Kass: How Did Bank Stock Investors Get So Clueless?
The share price of the largest and most popular money center bank extant, JPMorgan Chase , has fallen from $170 to $127. Among the better-performing large money banks, even Bank of America ($50 to $39) and Wells Fargo ($60 to $48) have performed poorly. I attribute the mistaken and almost universal optimism towards bank stocks as a singular reflection of the superficiality of investors today (the near universal mantra that “rates rise and so will bank stocks”) and the mindless and wrong-footed logic and poor (company-specific and industry) analysis.
