JPMorgan looks good, but who wants to buy banks?
Sure, JPMorgan Chase is one of the strongest banks in the long run. But the long run doesn't matter to investors right now.
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the long run doesn't matter to investors right now.
It’s a sad but true comment, because, the long run is what true investing is supposed to be about. In the case of banks, they brought this on themselves, leading investors by example to become traders and speculators. If you watch what banks do, as opposed to what they say, it appears the long run to them is now about 90 days. I should talk. I just sold BAC Nov 2011 put options today with a $5 strike hoping to collect the time premium before the company goes bankrupt.
Other banks will be happy to buy banks. They can screw more people out of their money. I won by filing bankruptcy and screwing them out of $146,000. Everyone who can should do the same thing. You will suffer some consequences but will be a winner in the long run. It feels good to beat them at their own game.
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The solid report comes a month after the retailer closed all of its Canadian operations.
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