David Berry Quotations
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Anxiety Quotes
Our favorites here would be Capital One and Providian Financial, ... Both companies have gained market share consistently. There's a lot of anxiety in the world about credit quality because of the economic slowdown. But these companies will also benefit from lower funding costs because of the Fed moves this year.
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Banks Quotes
You've seen several commercial banks make acquisitions of smaller regional brokerage firms this year, and all of them believe quite sincerely that they are going to grow revenues as a result and gain market share because they now offer one-stop comprehensive financing for their customers. At the same time I don't think Merrill Lynch is planning to lose any business.
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Bank Quotes
The bank stocks and financials are actually leading the market year to date. I tell you six months ago it was a totally different picture. We were in the hole. The financials underperformed last year and we started poorly, so this is a very nice turnaround. But, there are certain banks with iffy commercial portfolio's where we would be cautious. There are some regional banks that we like, too. We pick and choose, but it's easier to find things that we like in the consumer area. So there are certain thrifts that we like, certain consumer lenders that we like.
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Activity Quotes
Investment banking continues to be pretty strong pretty much for all these players. Goldman yesterday talked about a record backlog and I think that would also be true for Lehman. Morgan Stanley will be reporting tomorrow. That's been a pretty steady drumbeat. Underwriting activity was a little slower. Fixed income business has been picking up with the Federal Reserve seeming to go on hold,