Regional banks are a lot easier to understand than the big banks, which have international operations, investment banking, etc. Even if you read the reports, you can't totally understand the nuances of these banks. She got really burned in 2008 by big banks like Citi.
She likes the regional banks, because the environment is complex and uncertain, and the regionals tell you exactly what their interest rate exposure is. UMPW does well in a rising rate environment. She doesn't want to own the big banks like BAC or JPM which have so many different businesses.
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