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SUMMARY:
-- He thinks that banks will benefit from recovery in the housing market.
-- He says banks have done whatever they could internally but now it is a matter of the revenue picture improving, which he believes will be very soon.
-- The housing market will become better and interest rates will not remain zero forever.
-- His top pick is Morgan Stanley (MS).
-- Goldman Sachs (GS) is not crazy cheap as it was a year ago but it is still a good company.
-- Blackstone and KKR are his other top picks.
-- WFC is not cheap and is very popular so he's not going near it.
-- He thinks investment banks will be producing double digit returns on equity and are still cheap versus WFC, so they're more attractive investments.
-- As interest rates go above, all banks will be making lot of money.
Credit and Source: CNBC
Here is the video:
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