Bank of America Corporation

“Bank of America is a defensible, TBTF franchise with a real deposit moat and improving NII trajectory, but ROTCE barely clearing cost of equity, a legacy bond portfolio blunder, thin insider ownership, and modest 10-year compounding potential of 2-2.5x combine to make this an adequate but uninspiring long-term holding at 10.6x forward earnings and 1.38x book — fairly valued with limited margin of safety and better alternatives available in the financial sector.”