Banking Franchises at Moderate Prices

Grizzly Graham’s thesis

Buy established deposit-taking, investment-banking and wealth-management businesses at moderate earnings valuations rather than speculate on an AI rebound. These banks trade at forward P/E multiples from 9.4x to 13.7x, offering a valuation-led entry after several suffered meaningful quarterly declines. Forward estimates are not normalized earnings, and the sheet does not establish book-value discounts or full Graham defensive-screen compliance; credit losses, leverage and trading cyclicality rem