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.