In short: ★ Today's rating change — moved off the Buy List onto Holds/Trims, rated H (lot 09/23/2025 @ $187.34, marked $248.58, +32.69%). Notable for its timing: it lands three days after the July-31 POW! made KRE — the equal-weighted regional-bank basket — a rated Buy, so the single-name regional winner is downgraded to a hold while the diversified vehicle carries the sector call.
M&T is a large US regional bank Haymaker bought last September; it's up about 33%. This week it is demoted from buy to Hold. The timing is the interesting part — three days earlier he made a rated Buy of KRE, the fund that owns roughly 150 regional banks at once. So the sector call is being expressed through the diversified basket, while the individual bank that has already run 33% is downgraded to a hold. That's a deliberate swap of single-company risk for spread-out sector exposure, not a change of mind about regional banks.
In short: Bill — owned (1% since Nov 2023). The third boring regional (Buffalo) — "what could be more boring than being in Buffalo?" Strong balance sheet, meritorious, cheap when bought.
55:05So, we put 1% in each of them because their capitalizations were so low, they barely qualified to be in a large cap value portfolio and and, and what's happened since then is Western Alliance has done great. And and uh Fifth Third has done great. And then Fifth Third announced recently that they're buying Co America and and getting — You like that deal? — And we really like that deal.
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