Can there be a lasting bull market if banks do not participate?
This is the title of a great GaveKal piece by Louis Gave
DB is down again today
why banks are underperforming big time? i guess the most lucrative parts of the business, trading , market making were shut down by the regulators. On top of that the costs of regulation compliance etc... just keep rising.
On top of that when the interest banks charge companies is much higher that the GDP growth rate there is going to be trouble ahead. In Europe many countries the costs of financing debt are higher than GDP growth Italy, Greece, etc.....
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