Banking & Securities: Earnings Value

Grizzly Graham’s thesis

Buy established banking and securities businesses at modest earnings prices rather than pay for speculative growth: the basket's forward P/E ratios range from Citigroup's 9.4x to Morgan Stanley's 13.7x. Recent declines in several franchises offer a businessman's alternative to the unsettled AI spending trade, although credit losses and capital-markets cyclicality remain material risks. This is an earnings-value basket, not a certified Graham defensive screen: the supplied data do not establish t