Legendary investor Doug Kass just tweeted that he is buying Morgan Stanley and Bank of America in the wake of earnings beats by both investment banks this morning.
This is particularly notable in light of controversy this morning over both banks' treatment of debt valuation adjustments in their earnings reports.
I am adding to MS and BAC longs now. $BAC $MS
— Douglas Kass (@DougKass) April 19, 2012
Please follow Clusterstock on Twitter and Facebook.
Let the worries over second-quarter bank earnings begin. Bank of America Merrill Lynch analysts this morning have slashed earnings estimates on J.P. Morgan, Goldman Sachs, Morgan Stanley and Citigroup, warning about weak investment ... Read Post
Warren Buffett is making a 10.5% annual return on his Bank of America investment once you account for the value of his stock options, investment manager Doug Kass says. This, Kass adds, is the equivalent of Bank of America having so... Read Post
Bank of America's merger with Merill Lynch produced an uncomfortably long name, "Bank of America Merrill Lynch." JP Morgan, Morgan Stanley, Goldman Sachs, and Credit Suisse - all of these roll off the tongue nicely. Bank of America ... Read Post