Ed

I think that's probably true.

I mean,

There will be more of this replacement of bad assets with good assets.

That will still happen.

I think that, as you say, there's every reason to think, barring a crash or something awful, that the trading and investment banking business will be good.

And I think, as the economy is positioned right now, the economy seems pretty solid to me.

So all the conditions are in place for good performance.

But you have to remember, at the beginning of 2025,

Bank stocks were cheap.

They're not cheap anymore, right?

And so the reason people were excited about owning banks is that the stocks look like bargains.

They don't anymore.

I've been hearing a lot of chatter in the space where people are like, is JP Morgan a good buy at this price?

I mean, you can understand why Citibank went up 60% because it's a troubled bank historically, and it went from being...

mediocre to being slightly less mediocre and those kind of transitions is where you really make money in the stock market not from good to great the big money is from like trouble to slightly less trouble you know but you don't do but you don't do that twice right you know uh and so it's going to be hard in terms of stock market performance it's going to be hard i think for the banks

to repeat what they did last year.

But I think performance-wise, your central case has to be that they're going to be just fine.

I'm just going to get on my hand with my broker and sell everything.

When Tom Lee says that banks are going to trade like tech stocks, I think it's time to hit the door.

You don't like it.