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Have you missed the run up in stock prices for American banks? Bank analyst Dick Bove doesn't think it matters because this industry is going to have a long run of growth ahead of it. He provides some facts for us:
- Bank earnings have increased for 14 consecutive quarters.
- Bank earnings were up 22% in 2012.
- Total bank earnings will hit $145 billion in 2012 which is close to the all time record for the industry.
- Fourth quarter 2012 will be the all time high for earnings for the bank industry.
- His point is that all of the concerns over the forced deleveraging, a weak housing market and increasingly overwhelming regulation do not fit with the facts relating to the performance of the industry.
- The earnings, dividends and stock repurchases of this industry are going to increase for a long time to come; the last cycle of earnings increases lasted 17 years. The one before that which began in 1959 lasted 50 years.
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IT'S KINDA HARD TO VALUE SOMETHING WHEN THE ACCOUNTING RULES FOR THE INDUSTRY SAYS THEY CAN JUST MAKE UP THE NUMBERS AS THEY GO.
I'LL WAIT FOR THE RETURN OF MEANINGFULL NUMBERS BEFORE LOOKING AT US BANKS!!!