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Matthew's avatar

I think your COF/BAC comparison is interesting in a sort of "not everything that counts can be counted" way. The truth of this comparison is really somewhere in the middle of your conclusion. The fact is, in a perfect data world, loans on the balance sheet would be marked to market as well because interest rates increasing reduce the economic value of those assets. Just because accounting standards only adjust for tradeable assets doesn't mean BAC should be given a full discount for having more liquid investments. The real tangible book should be adjusting for all these investments at current discount rates.

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Moritz Sell's avatar

I like FHN for many of the reasons discussed.

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