Earnings Thoughts

1.  Bank of America and Morgan Stanley earnings are “good”.  There are some strange things going on with the DVA calculations and how they contribute/detract from the quarter, but this has been going on for months now and people on TV are talking about it so it is officially rendered a non-factor. 2.  Morgan Stanley…

Wintel Shmintel

Microsoft’s “cheapness” is the White Whale that compels all value investors to follow it out to sea, like crazed Captain Ahabs wielding DCF calculations.