2024.01.02 外刊双语精读 梧桐树专栏：一笔划算买卖.docx

【1.2】

1.2每日一篇双语精读

Buttonwood：Acheapshot

?

Itmightbetimetobuybanks,evenifnotinAmerica

?

【1】Whowouldwanttoownsharesinabank?Risinginterestratesshouldhavebeena?blessing,?lifting?theincometheycanearnon?assets.Butafewbanksthathadlentand?invested?freelyatrock-bottomratesfacedruns,whichpushedup?funding?costsfortherest.Moremayyetfail.Andnew?regulations,?ominously?namedBasel?3?“endgame”rules,couldraisethecapitalrequirementsonsomeAmericanbanksbyasmuchasaquarteriftheyareintroducedintheircurrentformin?2025.Thiswould?scupper?anychancethat?shareholders?canbepaidmuchoutof?profits,perhapsforyears.

?

【2】Nastystuff.Indeed,thekbwindexoflargeAmericanbankstockshas?shed?15%thisyear,evenasAmericanstockshave?risen?by?19%.Thisunderperformance,afteradecadeof?mediocrity,meansthatbanksnowmakeuplessthan?5%ofthesp?500?indexoflargeAmericanfirms.Blackstone,aprivate-markets?giant,hasamarket?capitalisation?20%biggerthanthatofGoldmanSachs.Justaboutanymeasureof?valuation?showsbankstobeatornearanall-timelow.

?

【3】Yetbeingcheapisnotthesameasbeinga?bargain.Banksarenot?startups?sellingagrowthstory.Noraretheytechfirmsbuilding?innovative?newproducts.Bankingisa?mature?business;its?fortunes?arecloselytiedtothe?macroeconomic?environment.Investorsthereforelookfor?institutions?where?profits?orearningsmightgrowinthenearfutureandwherethose?profits?maybereturnedtoinvestorsvia?dividends?orbuy-backs.

?

【4】OnneitherfrontdoAmericanbankslookappealing.Netinterestincome,ameasureofthedifferencebetweentheinterestbanksearnonloansandthatwhichtheypayouton?deposits,seemstohave?peaked.Althoughrisingratesboostincome,theclimbin?funding?costshaseatenintothis.Customers?fled?regional?banksfollowingcollapsesearlierintheyearandhavemovedawayfromallbanksinfavourofmoney-