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- Boston Private: The Tide Is Turning
- Tom Brown submits: Among the bank stocks that have gotten walloped as a result of the Great Credit Crunch—and there are plenty—one of our favorites is Boston Private Financial Holdings BPFH. In fact, the stock is one of our largest positions. by Tom Brown
- External links 2009-11-03
- Reflecting on My Market Mistakes
- Tom Brown submits: Notwithstanding the obligatory, not-so-fast-you-bulls headline on the front page of today’s Wall Street Journal (“Land Mines Pockmark Road to Recovery”), the last few weeks’ worth of economic news have provided convincing evidence that the financial crisis is finally healing and the worst of the recession is...
- External links 2009-06-09
- Western Alliance: KBW Sticks It to Bank Investors Yet Again
- Tom Brown submits: In the aftermath of the stress tests, capital-raising among the banks has become stylish again. Heaven help their investors. This is just the sort of environment that brings out the worst in both managements and their investment bankers, which is saying something. Shareholders of certain companies...
- External links 2009-05-21
- Dimon's Letter: What Buffett Should Have Written but Didn't
- Tom Brown submits: If you read nothing else today, be sure to read Jamie Dimon’s letter to JPMorgan Chase shareholders, published Tuesday night. It’s outstanding. The letter isn’t just a wrap-up of how Morgan did last year (although, as is typical, Jamie’s candid on the topic)—it’s also a...
- External links 2009-04-01
- A Loan Loss Reserve Primer: Beyond Simplistic Ratios
- Tom Brown submits: First-quarter earnings reports will shortly be upon us. Given what banks have been going through over the past year, the coming reporting season will be more important than usual, particularly since some large banks have already said that their results were decent for the first two...
- External links 2009-03-28
- Pandit's Letter to Citi Shareholders: Lame
- Tom Brown submits: While we’re on the topic of annual shareholder letters, you’ll get no argument from me that surely the toughest letter to write this year—by far—had to be the one from Vikram Pandit to the shareholders of Citigroup C. by Tom Brown
- External links 2009-03-25
- Wells Fargo: John Stumpf's Letter to Shareholders Is a Must-Read
- Tom Brown submits: It’s no secret I’m an aficionado of the letters to shareholders CEOs write every year for inclusion at the beginning of their companies’ annual reports. They are a terrific opportunity for a CEO to step back from the day-to-day details of running his business to review...
- External links 2009-03-21
- Northern Trust's Golf Sponsorship: Good Use of Company Resources
- Tom Brown submits: There is suddenly no shortage of outrage—from everyone from Barney Frank and John Kerry on the left to Bill O’Reilly and Greta van Susteren toward the right—at the news that Northern Trust NTRS, a recipient of a federal TARP capital investment, has gone out and sponsored...
- External links 2009-03-02
- Dr. Doom Responds on Wells Fargo
- Tom Brown submits: In a comment on Seeking Alpha Nouriel Roubini says that, contrary to my assertion, he did not screw up his loss estimate for Wells Fargo. Here’s what he has to say, in full: Sir, your attack it totally misplaced. I never made any prediction...
- External links 2009-02-28
- Roubini's Wacky Wells Loss Estimate: It's Not Just Academic
- Tom Brown submits: Commenting on our piece yesterday that pointed out that Nouriel Roubini botched his arithmetic in tallying Wells Fargo’s expected cumulative loan losses, reader T e-mails, and provides a succinct summary of conventional wisdom among the bears: The main points of this discussion are that...
- External links 2009-02-27
- Why Today's Stress Test Announcement Should Reassure Investors
- Tom Brown submits: On Wednesday, the Treasury Department will release some details of the much-ballyhooed “stress test” it plans to apply to all banks with over $100 billion in assets. While it’s possible, I suppose, that Secretary Geithner will disappoint the markets yet again, I doubt that will happen....
- External links 2009-02-25
- The Shadow Banking System Will Not Die
- Tom Brown submits: Many of the problems that have afflicted the financial system over the past two years can be traced directly to abuses in the wild-west world of the largely unregulated shadow banking system. Subprime mortgage CDO securitizations, credit defaults swaps, you name it. They all fall outside...
- External links 2009-06-27
- Bair Wants Banks to Have Inside Track on Deals: Why?
- Tom Brown submits: It turns out the reason Sheila Bair plans to impose such idiotic, draconian restrictions on private equity investors—a minimum 15% Tier 1 capital ratio, for instance, and cross-collateralization of a PE investor’s bank holdings—is that she wants existing banks to get first crack at doing deals....
- External links 2009-07-08
- Of Course Banks' 2Q Credit Quality Got Worse
- Tom Brown submits: Banks will start to report their second-quarter earnings this week. I’m not going out on a limb, I don’t think, if I predict that some of the reports will be better than the consensus expects and others will be worse. But nearly all will be closely...
- External links 2009-07-14
- Mortgage Servicer Ocwen: Ready to Roll (Up)
- Tom Brown submits: Despite the turmoil the mortgage lending industry has been through over the past two years . . . Hold on a minute. “Turmoil” doesn’t really describe what the industry has endured, does it? Four of the ten largest depositories from 2006 have either failed...
- External links 2009-10-14
- BofA: Who Should Be CEO?
- Tom Brown submits: If you think I’m having trouble resisting the temptation to go on one last, extended, triumphal rant on what an all-season disaster Ken Lewis’s CEO-ship at BofA BAC has been, you don’t know the half of it ( . . . Fleet . . ....
- External links 2009-10-07
- Financials: Why Doesn't Sell-Side Realize the Value?
- Tom Brown submits: Take a look at the following, which appears in the valuation section of a sell-side report out last week on Fifth Third Bancorp FITB, initiating coverage with a “Market Perform” rating. [W]e have opted for a price-to-tangible book value methodology, in...
- External links 2009-10-06
- Case-Shiller's Recent Strength: It's Not Just Seasonality
- Tom Brown submits: For months now, housing skeptics have told us that recent signs of stabilization in home prices—as seen in, for instance, a flattening in the Case-Shiller home price index for most of this year—is a result of mere “seasonality” rather than any real strength in the market....
- External links 2009-09-29
- Synovus Financial: Not All Banks Will Be Wiped Out
- Tom Brown submits: One of the more successful investing strategies we’ve followed this year is what I’ll call, for lack of anything snappier, the Buy-Banks-The-World-Thinks-Are-At-Death’s-Door approach. It works exactly the way you’d think: Find a bank that is a) loaded down with bad loans (preferably in Arizona, California, Florida...
- External links 2009-09-22
- AIG's Premium-Finance Business: A Win for Wintrust
- Tom Brown submits: It looks to us as if Wintrust Financial’s WTFC acquisition of AIG’s life insurance premium business, which closed in July, is shaping up to be a much better deal than we and the rest of Wall Street first realized. In particular,...
- External links 2009-09-16
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