EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Bank Stocks: Controlling the narrative (except for credit quality)

Financials

Portales Partners

Charles Peabody does not believe that the problems at NYCB will prove to be unique. He thinks the credit cycle has further to play out and that it will get a lot worse before it gets better. He expects regulators to find similar problems at other regional banks. It’s just that they may want to “pace” the discovery process so as not to create a systemic crisis. In the meantime, regional banks (a la Columbia Banking System) will be encouraged to build liquidity (at the expense of NIM) so that they might be able to absorb negative fundamental news (either within their own franchise or at a neighbouring bank). The current risk/reward for bottom fishing is simply not worth it.

Edition: 181

- 08 March, 2024