I'm asked in chat a lot about this bank or that bank and what my analysis is of them. My answer is always the same. I can't analyze, on a fundamental basis, any of the big banks. I've tried, believe me, I've tried. Hell, I downloaded the annual report of BAC for 2010, grabbed some irish whiskey, a rosetta stone, and locked myself in a room by myself for the weekend. I emerged at the end of the weekend bruised, hung over, and with empty bottle in hand. The bruises were from banging my head against the wall. The hang over? From trying to wrap my head around the riddle inside a conundrum wrapped up in an enigma that is the financials of Bank of America.
I have no idea how they make any money. In fact, this is why rumors work so well to take the stock down; nobody understands the balance sheet, so they figure the rumor has a possibilty of truth to it. As much as I respect some of the "value" guys that are in the name, Bruce Berkowitz to name one, I can tell you that they probably d
