In short: The only bank Oxbow owns. In financials he'd "stay with the regional banks because they're the ones that still do banking as banking" — the big banks are "real expensive," a lot of them at three times book value.
U.S. Bancorp is a large regional bank — it takes deposits and makes loans, which sounds obvious until you compare it with the money-centre giants. Those, Oakley says, now "make money in every way you can think of, from trading to merger acquisition," and trade at up to three times book value, meaning you pay $3 for each $1 of net assets.
He wants "the ones that still do banking as banking," and this is the only bank Oxbow owns. If you want financial exposure as the yield curve steepens, his instruction is to get it through regionals rather than the expensive, opaque big banks.
40:25I think they're real expensive. A lot of them are three times book value and that's we only own one bank, US Bank. But I think you want to if you're going to own those, you ought to be with the regionals if you're going to go that direction, but that's only way I would see it. — I'll just end on this personal anecdote.
In short: Recent add: "probably the biggest, highest quality of the super regional banks" — financials exposure at a reasonable price.
U.S. Bancorp is a large regional bank. Finucane calls it "probably the biggest, highest quality of the super regional banks" — the tier just below the megabanks.
It's a recent add that gives the portfolio financial-sector exposure at a reasonable valuation, part of rotating into unloved sectors (industrials, healthcare, financials) rather than the crowded AI names.
50:41So in addition to healthcare, and then US Bancorp is probably the biggest, highest quality of the super regional banks. So when you look at that broadly, industrials, healthcare, financials, those are three sectors we've been allocating to over the course of the first half of this year without trying to get caught up in trying to chase the AI trade.
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