Not surprisingly, JP Morgan, Bank of America and some of the other large banks are out today saying that March was much more difficult than January and February when they sparked the huge rally with their magnificent stories of plundering of booty and reaping of massive profits.
JPMorgan Chase (JPM.N) Chief Executive Jamie Dimon said “March was a little rough” and Bank of America’s (BAC.N) Ken Lewis said “trading book for March was not as good” as it was the first two months of the year, pushing bank stocks and the overall market lower.
Their tune appears to have changed a bit. This story is ever changing and the bank CEO’s are clearly hedging their bets for when earnings season hits and the write-downs prove to be sizable once again. After essentially being lied to for 24 months straight by just about every bank CEO in America I think it’s safe to say that we need to take their words with a heavy grain of salt.
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.