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Banking & Securities: Earnings Value
Grizzly Graham
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 tangible-book discounts, capital adequacy or long-term earnings stability, and forward estimates are not normalized earnings.
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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 tangible-book discounts, capital adequacy or long-term earnings stability, and forward estimates are not normalized earnings. Launch basket (equal weight): C, BAC, WFC, JPM, GS, MS 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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