The Institutional Risk Analyst

RJF is one of those quiet high-performer banks in the investment world that few understand but many own in LT portfolio

Look for the FOMC to act early and go big in terms of forward repurchase agreements at the first sign of liquidity stress.

WAL is one the best performing small banks in the US based upon equity market valuations, profits and growth rates

Many of the better managed financials that we track have become sellers of assets rather than buyers in the past several months.

In the Q3 2021 edition of The IRA Bank Book, we document the slow destruction of US bank asset and equity returns by the FOMC.

Which US financial will best weather the coming equity market correction?

U.S. Bancorp, PNC and Truist Financial hold great value creation potential. But which is likely to realize this potential?

We expect to see a lot more M&A activity over the next 12 – 18 months, as that’s the only way for some players to grow share.

Many of the changes to the US Treasury and REPO markets that were predicted in our comment this past May are coming to fruition.

BAC is the worst performing bank in the top-five US commercial banks and often underperforms the average for Peer Group 1.

Cheap liquidity c/o the FOMC does little for bank earnings when asset returns are also falling

While the progress in machine learning is impressive, horsepower in terms of computational capacity does not translate into intelligence.

If you back reserve releases out of Q1 2021 bank results, revenues and earnings were down and trend is headed lower due to QE

Citi has drifted through years of government ownership and weak leadership by the board of directors

Simply stated, US banks are twice as expensive as they were a year ago looking at earnings and assets....

We continue to believe that issuers and funds should be accumulating conventional servicing. Rates bottomed in February...

US banks are running at income levels that are less than half of a year ago...

How do we prevent the Facebooks and Googles from dominating our political life? That is the question we must answer.

Significantly, OZK predicts shrinking CRE loan volumes in 2021....

Most of midtown Manhattan’s offices and other structures are unused. Commuter volumes are 10% of pre-COVID levels.