CorpRaider

I think there's a fair bit of hyperbole there but have considered lightening up on BAC and USB over recent weeks. There would be zero shock if forced to build/trap more capital for a while. Liked the slides on the deposit bases. Both are nice, that's the only reason I own a bank. I like how they said these deposit bases are uncannily similar and there's this yuge gaping hole in source all on the east coast down into TX for USB. Wells also got the low low "beta." But USB has Elavon. Hey $TD is getting big short interest. Sell that thing down cheap and I'm game. Canadian banks versus tobacco cos for greatest industry of all time?

I'm probably just going to make sure I've got a little more personal liquid cash in FDIC covered accounts.

Just a thought I had last night: Wouldn't the most people get caught offsides (now that we have all plowed into government debt mmmfs and t-bills) if something happens with the debt ceiling and more direct exposure to treasury obligations is discounted as riskier than having an intermediary private bank and the FDIC layered on top of that treasury backstop (i.e., all these direct exposures take a larger, material quotational loss; or USA debt gets downgraded again and settles lower than Wells or JPM)?

"Harvested some tax losses" in SLG. Prior to most of today's face rip, of course.

haha. I just hit it with the $10K most years as the "emergency" savings fund and get a little more tax deferred space. [Though I usually have more tax advantaged space than income. I'm like the tantalus of tax jocks.]

You guys are the hot series i savings bond money.

Becky, have you not seen TopGun Maverick?

This is pretty interesting to me. I was looking at Japanese stuff and even thought about buying some of one of those two U.S. listed closed end Japanese value funds, but never got there as far as comfort with the fees and just outsourcing it (I also can't issue negative yielding bonds to fund it).

Yeah, seems like no one ever considers the boring extend + pretend. To be fair would be a turrible news story.

I was dicking around with the B shares stink bidding when it was around $500. oof. I'm telling myself people thought JPM stole Bear for a few months too, so it's alright.

I'm with you on LUV. Thought about doing some SAVE as a workout/similar industry "bet," but I suppose no deal really could be an outcome given the enforcement we're seeing and the dynamics of this industry.

To be fair the golden age of being a landlord was probably during Feudalism.

I see they just issued a bunch of LTIP units last week, but I was scared there's some rent regulation scuttlebutt pre-news that I'm missing.

If that is why it's selling off I'm all good with my GTC limit order that I apparently had outstanding getting filled today.

I just think with the changes in the rules about bank ownership, he decided he liked BAC and Moynihan better than the others but didn't want to overdue the bank exposure. FDIC and Prof. Schiller wanted about this reach for yield and duration match back in 2017 (reading his book Narrative Economics right now and he just talked about it. I doubt Buffett makes big changes based on such things these days. You might be right but if you're 7 years early it probably does not matter. Then again using the example of the Airlines, he might blow out of them if it looks like they're going to need government assistance. No one would be surprised if Citi blows up again.

Ted

Tryin to catch a fill on Clippah.

(In the voice of Charles Dickens) Bard said it likes $LUV more than $SAVE fyi @Spekulatius. haha

I think we said the same thing? "Somewhat better" -> you're saying (at least with respect to the private RE proxy) was recognized by the market buyers via paying lower cap rate. I do remember the 90s. If you buy at a high starting yield your return looks a lot like that starting yield + a little. Even Buffett was buying REITS in his personal account IIRC. Probably better idea than me buying GOOG at 50 trillion market cap with Bard sucking ass. Disclosure, I also still believe the CAPE will continue to exhibit a high correlation (~.80 R squared) with returns of stonks over long periods and am reading Prof. Schiller's new book right now.

The documents related to my purchases said they were FDIC insured but cautioned to check the overall cap against other exposures to the borrowing institution.

I did too. Hit that 5% for granny.

Sold some $CAG

Are people selling the trust banks hard because they don't have FDIC insured deposits? Unrelated: would you rather BK, STT, or NTRS?

Logic and history indicate that REITs would likely respond similarly to long duration bonds, but somewhat better.

So, if Fed is projecting terminal rate of 5.1 they're pretty much done based on data they've ingested to date?