Investment Banks: Much Room to Fall Further


Norris has a chart today which puts the recent share-price drops at Merrill,

Citi, Bear and the like in context. Yes, they’re down from their highs, but

the broker-dealers in general have massively outperformed the rest of the stock

market over the past few years. It’s easy to see why investors – including

Jim Rogers – think there’s a lot more room left on the downside for

these stocks, and why it’s going to be hard to attract a new CEO for Merrill

Lynch if his compensation is based on the share price going up from here.

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