World Gasps as Bank of America Trades Below 5

This is where shit gets real.

The low print today on Dow Component and foreclosing-on-old-ladies-while-not-reporting-mark-to-market financials-specialist Bank of America ($BAC) is a staggering 4.94 for the day.

The market is getting rocked as the stock is not showing any signs of life here whatsoever.  I’m sitting on my hands having lightened up equity portfolios on the heels of the October-November whipsaw.  I have no idea which direction the next 5% comes from, but I know I don’t want to risk anything additional to attain it.

If you’re a $BAC shareholder and were totally cool with the suspension of m2m accounting standards via the amendment to FASB 107, then you’re basically getting just what you asked for – a poorly-managed, oversized, nightmare bank, the most-hated name in the most-hated sector with the most opaque balance sheet.  I hope it recovers if only so we don’t have to bail it out a second time.  They’ve had three bonus-swilling years to get the house back in order, an endless amount of support via lax accounting requirements and zero percent interest rates that act as a tax on retirees.

If they save these SOBs again I will personally throw the first trashcan through the first plate glass window like Mookie in Do The Right Thing.

Enough already.

 

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. browse this site commented on Sep 18

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2011/12/19/world-gasps-as-bank-of-america-trades-below-5/ […]

  2. Eat Verts commented on Sep 22

    … [Trackback]

    […] There you can find 79572 more Info to that Topic: thereformedbroker.com/2011/12/19/world-gasps-as-bank-of-america-trades-below-5/ […]

  3. bitcoin loophole reviews 2020 commented on Sep 23

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2011/12/19/world-gasps-as-bank-of-america-trades-below-5/ […]

  4. Harold Jahn commented on Nov 04

    … [Trackback]

    […] There you will find 39572 additional Info to that Topic: thereformedbroker.com/2011/12/19/world-gasps-as-bank-of-america-trades-below-5/ […]

  5. IGoDating commented on Nov 09

    … [Trackback]

    […] Find More Info here to that Topic: thereformedbroker.com/2011/12/19/world-gasps-as-bank-of-america-trades-below-5/ […]

  6. Ruger firearms for sale commented on Dec 02

    … [Trackback]

    […] Information to that Topic: thereformedbroker.com/2011/12/19/world-gasps-as-bank-of-america-trades-below-5/ […]

  7. bmo bank of montreal online banking commented on Dec 04

    … [Trackback]

    […] Here you can find 71498 additional Information to that Topic: thereformedbroker.com/2011/12/19/world-gasps-as-bank-of-america-trades-below-5/ […]

  8. rbc online banking commented on Dec 24

    … [Trackback]

    […] Information to that Topic: thereformedbroker.com/2011/12/19/world-gasps-as-bank-of-america-trades-below-5/ […]

  9. PowerBass 3XL-1501D manuals commented on Jan 19

    … [Trackback]

    […] Information to that Topic: thereformedbroker.com/2011/12/19/world-gasps-as-bank-of-america-trades-below-5/ […]

  10. Samsung PG831R manuals commented on Jan 22

    … [Trackback]

    […] Find More Information here on that Topic: thereformedbroker.com/2011/12/19/world-gasps-as-bank-of-america-trades-below-5/ […]

  11. LG XH-TK550X manuals commented on Jan 23

    … [Trackback]

    […] Read More on on that Topic: thereformedbroker.com/2011/12/19/world-gasps-as-bank-of-america-trades-below-5/ […]

  12. CI/CD commented on Feb 07

    … [Trackback]

    […] Find More on to that Topic: thereformedbroker.com/2011/12/19/world-gasps-as-bank-of-america-trades-below-5/ […]