The 10 Dumbest Analyst Calls of 2008
Michael Shulman, January 1, 2009
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11.
"Tangible equity means nothing in valuing bank stocks."
December 2008 Dick Bove again, in response (I think) to a blog showing (and proving) a huge amount of core tangible equity at Citigroup (C) is deferred tax assets -- profits to be realized in the future. This quote is the equivalent of saying the quality and amount of cheese and dough have nothing to do with the quality of a pizza.
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