markucc & 64eh,thanks for your respective responses. markucc,...

markucc & 64eh,

thanks for your respective responses.

markucc, your last paragraph about armchair investors simply looking at the "record profits and dividends" is a very poignant and relevant one.

I cannot comprehend how so many investors (including the professionals, such as analysts and brokers) mount the argument of: "well, the banks have historically traded at P/E's of 14x, and today they're only trading at 12x; therefore they are cheap."

The implicit assumption in this logic that everything is now magically "back to normal" floors me. It's like the GFC event was simply a bump in the road to entitled prosperity, as opposed the most pronounced multi-generational macroeconomic shock, whose adverse conseuences will be with us for many, many years to come.

Everything is just peachy again, it seems. Why, just take a look at QRN's resounding debut. When a poor quality business like that, is bought off a semi-distressed vendor on the ritzy valuation that is currently enjoys, then the Emperor, it seems, is once again fully clothed in fine silks hand stitched with pure gold thread.

Iacta alea est..