In short: Cole — owned (European bank). Part of the European-bank trade that started ~2022: cheap, scarred by years of losses, sitting on excess capital the ECB blocked from being returned during COVID — now being released via buybacks that lift book value per share faster than the return on equity.
Barclays is one of three European banks Smead owns (with UniCredit and BAWAG). The whole trade rests on one idea: European regulators forced banks to hoard capital during COVID instead of returning it, so they're now sitting on excess capital that's finally being paid out through big buybacks. Those buybacks shrink the share count and push book value per share up faster than the bank's return on equity — a mechanical tailwind. The stocks are cheap and scarred by years of losses, exactly the unloved setup he wants.
32:53Talk to me about that trade. What you know, how it got um hot again. And and whether whether there's there's legs in any of these names. If somebody's ignored the sector because it's been money losing for years, why look at it now? — Yeah. So, you know, this all really kind of started picking up back in 22. Okay. Let let me I'll just give you I'll use Unicrite as a simple example.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.