The banks that got hit the hardest had capital exposure and global exposure.
While it will not be a real exciting year, it will at least be an up year. We're talking about real returns of high-single-digits, and that's not so bad.
If you can get 4.5-percent incremental performance over the course of 15 years, that really adds up. That speaks to investing in consistency and quality, as opposed to high valuation.
In the near-term, the market would prefer a Bush victory because he is familiar and represents lower taxation on equities,
More and more people are going after the consumer.
We think this company more than most would be leveraged to an improvement in market conditions and lower rates. Market activity comes back this company has a lot of operating leverage and it should show through on the bottom line.
Portfolio performance for a calendar year can often be improved by simply selling the worst performers at the end of January.
Right now the energy prices do represent a headwind for the market. We still think energy is a good place to be.
This reminds companies it's important to have banks in their more traditional roles of lending.
