|DON'T BUY||$15.290||BULLISH on GLOBAL STOCKS||GLOBAL||Yes|
A good, well managed bank with good capital ratios. But it is not a pan-European bank. A better way to play that would be BMP, a French bank with exposure to the entire continent. He does not own either because there is not enough growth opportunity. He prefers Spanish banks because unemployment is coming down and their exposure to emerging markets is good.
Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates