5 Points June: Finding Value With Credit Eyes Open

1) Many banks are cheap, but selection is important. 2) Private lenders are out the risk curve 3) Lewis and Clark, Masters of Understatement. 4) Construction lending 5) Consumer credit risk

Good afternoon,

In this note:

1. Some banks are becoming a “fat pitch”. Loan makeup and underwriting is particularly important.

2. The next credit cycle will look very different from the last one, because c…