Bove being interviewed on Bloomberg TV.
Back in July 2007, an analyst advised clients to sell shares of the biggest U.S. securities firms. These firms have tumbled spectacularly since.
Now the same analyst has declared: “The U.S. financial crisis is over.”
Quoted in articles by Reuters and Bloomberg on Mar 20, Richard Bove, the financial analyst with broker Punk Ziegel, added that this was a "once in a generation" opportunity to buy bank stocks.
"I do, in fact, believe that the crisis is over. There will be more negative developments but they will be meaningless," Bove wrote in a note to clients.
"This comment sounds ridiculous given the conviction on the part of most commentators that the worst is yet to come; the extent of the decline is unknown; and that the length of the decline is similarly unclear," Bove wrote.
Read full Reuters’ report and Bloomberg’s.
In an earlier article on Forbes dated Mar 5, Bove said Citigroup shares are trading far below the company's value: Citigroup's market capitalization is about US$110 billion, and Bove said its assets are worth US$2.2 trillion.
Full Forbes article, here.
