Richard Bove
Richard Bove
business delivery faster growth higher home rate return rid secular systems wind
It's a grand-slam home run. They wind up getting rid of the high-cost, labor-intensive delivery systems and get in return a business which has a faster secular growth rate with a higher rate of return.
companies growth next percent piles sitting work
Some firms are projecting 30 percent M&A growth next year, after 36 percent this year. Companies are still sitting on piles of cash, and they'll get to work after the new year.
change coming company people pushed upset
People got all upset because they don't like to see people they know getting pushed out, and they don't know the new people coming in, ... But this company has been underperforming for some time. Significant change is needed.
averaged bank country curve earnings increase percent rapid stocks yield
From 1965 to 1982, the yield curve in this country was inverted 47 percent of the time, yet bank earnings averaged a more rapid increase than non-bank earnings. Bank stocks also outperformed the S&P 500, on average, over that period.
afford benefit built doctor ford imagine jobs lose next office plans workers
Imagine the doctor who built an office next to a Ford factory. If the workers lose their jobs and those benefit plans disappear, this doctor isn't going to be able to afford his office.
deal next
They know everyone. They know what everyone's thinking, and they know where the next deal may lie.
business cycle lending money ninety percent primary retail
Ninety percent of a retail bank's primary business is lending money on residential real estate, and that cycle is over.
dropped interest lost margin net
Mr. Oken may have lost some credibility with analysts when the bank's net interest margin dropped dramatically,
bad banks believe cyclical ignore quarters secular
If you believe this a secular story then you should ignore cyclical swings. The banks may have bad quarters every now and then but so what?
basically businesses company core depending earnings flat nature quarter weak
These brokerages are going to say about the quarter that just ended, 'It never happened,' because basically all of the core businesses you look at were flat or down somewhat, ... Depending on the company and the nature of its earnings base, earnings will be weak to very weak.
changes hand
because it reinforces Mr. Dimon's hand to make the changes he wants.
assets certain luck people products technology
It's the luck of the draw. Goldman has the assets and the people and the technology and the products out there, and at certain times it all comes together.
major plus
This transaction, if it occurs, would be a major plus for the company.
degree exist lost major morgan people problem stanley top
This problem doesn't exist to the same degree at the other major brokerage firms because they haven't lost top people like Morgan Stanley has.