please explain, page-40

Excellent post, CTindale. Though maybe I'm saying that because it concurs with what I've been thinking for a long time :-)

Make no mistake, bank shares are risky at the moment. The game may well turn out to have changed irrevocably, so even if a particular bank survives on its own two feet without massive equity dilution, it may be a decade (or even much longer) before memories of this disaster fade enough for banking to become the greedy free for all of multi billion dollar profits that it was in the recent past.

Meanwhile there is still no sign of a sharemarket bottom and until there is, bank shares will continue to be among the poor performers, like most financials. (Not Robinson Crusoe there, though!)