Speaker 2
Steve, we come to you on a lot of issues because you have been so incredibly right on some of the bets you've made. Where do you think things stand right now for the financials? Because it does feel like a little bit of an inflection point. We heard from Bank of America yesterday saying that things look pretty good, but you also heard from Jamie Dimon saying that there could be some concerns out there on the broader spectrum. You haven't been worried about the banks in a while. You still do that way? From a systemic perspective, I lose absolutely no sleep about the banks. They're extremely well capitalized. They're far better run. They understand their risk better than they ever have. So there's nothing to worry about with respect to the banks to invest them as another story. Yeah, you didn't like them a year ago. How are you feeling about them now? I don't think there's a story with respect to the banks I mean I find them to be trading vehicles People use them as a means to express how they feel about the economy, you know right now What's facing the banks is the feds gonna cut rates and that's gonna hurt net interest margins, which is what JP Morgan said yesterday? credit quality is getting slightly worse on the margin, which is what Ally said. And people got hysterical and took the stock down over 20%. But there's no story with respect to the banks right now.
Speaker 1
His biggest takeaway of the banks is that there's currently just no story there. There's no systemic risk. We're not going to have another 2007-2008 type of debacle. But even as investments, I also agree with him here that I don't see any compelling story for an investment case. And I think even Warren Buffett agrees with him because Warren Buffett continually sells Bank of America. He just sold more of it this week. So I think the banks are in a spot right now where they're fine, they're well capitalized. He says that there's no real issue. He doesn't lose sleep over them, but he doesn't see them as worthy investments. Now moving on, we get to some post-debate analysis here between Trump and Kamala. He mentions that he was convinced that Biden wasn't gonna be the next president. Steve Eisman so far has believed that Trump would become the next president, but that was at a time where Trump was facing off against Biden. Now the calculation
