I have a hard time agreeing with the screaming deal point of view simply because your evaluation of what a screaming deal is, is most likely based on inflated profits from all the leverage in the system. I think taking a year or two out to let a large portion of the leverage unwind will give us a much clearer picture of which businesses are good deals. Namely those that can survive the unwind.
None of the IB’s look like a good deal to me even if cheaply priced because we don’t even know half the story yet, on how much sausage they are hiding.
