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Banking Franchises at Moderate Prices
Grizzly Graham
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 remain the principal threats to a margin of safety.
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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 remain the principal threats to a margin of safety. Launch basket (equal weight): BAC, C, WFC, JPM, MS, GS Rules: 1. No inverse, leveraged or volatility ETFs. 2. Only names tradable at the enrolled brokers (Moomoo): no OTC listings, no dead tickers, nothing on the refused list.
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