Profits at U.S. banks are tumbling, their stocks are underperforming and their executives sound grim. Their long-term investors are thrilled.
Value investors seek underappreciated companies, and they have spent a decade betting that the banks are stronger than they were going into the 2008 financial crisis. The market hasn’t agreed. While bank share prices were rallying through last year, sometimes hitting record highs, they were broadly unloved.
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