
NYSE:BAC
He would buy Bank of America. The stock is still very cheap, price to book value. It has a decent growth rate. This is the one to be buying in this kind of climate.
He likes the US banks and prefers JPM, but they're all hamstrung in what they can do and acquire. They will increase dividends and buyback shares. Earnings growth will come from committing their profits to share buybacks. BAC enjoys quality earnings. Debt is fine. Sinking interest rates will squeeze their margins, but they have other businesses outside lending to offset that.
Same thoughts as with Citibank today. Expect challenges in this space. A lot of recessionary concerns have been priced into US banks but are overdone. You could add a little at current levels.