Bank stocks a longer term bet?
In EU and Japan, it is still well below long term levels and in the US, it has been doing nothing for the past decade.
To me, it is not, because while bank stocks are beneficiaries of reflation and higher yields, the industry is no longer what it used to be and like insurance, it is highly subjected to high systemic risks associated with a fragile financial system exposed to unbridled greed and speculation. It is an industry that is interdependent, not independent (like insurance is to climate change risks) .
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Bank stocks a longer term bet? In EU and Japan, it is still well...
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