The Credit Market: A Macro Read-Through

I like that Jeff and Julie are looking at transports and banks because I just think transports, if you're a doubt theorist, it's actually a pretty interesting time. But I'm watching Bank of America because as a fall through from JPMorgan, there is a place where banks can outperform. The whole group trades about 20% cheap to five to 10 year averages on price to tangible book. It gets back to valuation for me on Bank of America, which trades probably 15% cheap to JPM.