The Institutional Risk Analyst

We all were more than a little amused to learn that in the most recent bank stress tests the Federal Reserve Board decided to ignore the massive financial and reputation risk in private equity and private credit. With cash bids for private assets plummeting, and sponsors in full flight due to prospective litigation by jilted clients, how do the Fed and other bank regulators retain any credibility? Our friend Nom de Plumber had an appropriate observation...

And just why do financial firms like HOOD, SoFi Technologies (SOFI) and Block (XYZ) talk about EBITDA in their investor materials?

We think it is notable that AMP has underperformed the other members of the group other than SCHW over the past year.

The SVB duration management from 2020 onward was recklessly negligent by any reasonable standard

As and when GS can exit the loss leading credit card relationship with AAPL, the performance of the business should improve significantly.

When SCHW surpassed U.S. Bancorp in size in 2021, you knew that SCHW’s leadership had gotten lost. 

The banking industry has segmented into a handful of above-average performers and JPM is the largest leader of these "winners"

SCHW needs to take advantage of their strong operating leverage and repair some needless damage done during COVID by inept bank management.

Big banks have big CRE exposures, too. So what drives this marvelous progression up the wall of worry?