Quote:
Originally Posted by Halfcan
I have been investing in Bank and Finance stocks. Bank stocks have been pushed down and I have been getting them at 60% of their yearly high. They have bounced back quit a bit the last month or so, but still great deals.
Most except DB and CS have suspended their dividends for the year. I just picked up BMO last week and it is up 5% with a div coming soon.
I have 25 international banks and finance stocks and 23 of them are in the Green.
Future picks will be the Canadian banks stocks- RY, TD and BNS
Citigroup, and Morgan Stanley will be in my top 5 as well.
|
I've been reading, though, that if Biden wins then Elizabeth Warren will be in some position of power, and she will go after the banks with fervor. So I've been staying away from American banks other than one regional bank that I've had for a while (ABCB).
I also sold off all my WFC and USB because I was highly displeased with the PPP loan processing allegations and WFC was a sucking chest wound in my portfolio anyway.
I've had some BMO for about about four years, and it has not been a star. I was getting the dividend but no notable appreciation until Covid, and now it's down about 20 percent. I'm keeping it just because I'll keep taking the dividend as long as it doesn't get cut. I also wonder if they might thrive across the border if Warren goes on the warpath against US banks (which frankly I would support - get rid of garbage companies like WFC and start bringing back smaller regional banks).