You know there are home runs to be had. But you know there is massive capital destruction to be had as well.
- Herro doesn’t believe the European banking sector is going to be destroyed for generations.
- This is what value investing is all about.
- Holds Credit Suisse (CS), Lloyd’s (LYD) and Banco Santander (STD).
- Credit Suisse is selling at lows not seen since the financial crisis, despite having a very strong balance sheet.
- Banco Santander is guilty for being based in Spain; reality is that it has more diversified operations.