Saul,
This is one I’ve been watching…the Trump bump was nice, but where do you think it can go from here? In the Sep quarter, Net Interest income grew 16%. Even if that continues, and margins come back (after the medallion thing), and they achieve EPS of say, 9.50 (more than expected in 2017), that would be a PE of 16 even with no share appreciation. Isn’t that somewhat reasonable for a bank growing at 15%ish? Where’s the positive alpha from here?
Bear