Great analysis! (I upgraded to paid sub as a thank you for sharing your model!) Also long, so hard agree. Was curious thoughts on the Preferred ($PAWCP)? Currently trading at 14% - 15% yield; could also ~2x to get back to $25...(or just hold for the yield). Frankly, I don't know why Pref's aren't trading higher today, as they have a $500M liquidiation preference, and this bank will likely survive. Was curious if you had any thoughts? Thx
Haven't looked at the structure of the prefs but CS saw prefs 0'd this weekend which may be causing some concerns (warranted or not). I generally stick to common equity investing for the most part.
Great analysis! (I upgraded to paid sub as a thank you for sharing your model!) Also long, so hard agree. Was curious thoughts on the Preferred ($PAWCP)? Currently trading at 14% - 15% yield; could also ~2x to get back to $25...(or just hold for the yield). Frankly, I don't know why Pref's aren't trading higher today, as they have a $500M liquidiation preference, and this bank will likely survive. Was curious if you had any thoughts? Thx
Haven't looked at the structure of the prefs but CS saw prefs 0'd this weekend which may be causing some concerns (warranted or not). I generally stick to common equity investing for the most part.
Appreciate the upgrade and hope it helped.