Net Interest's Marc Rubinstein on $COF and if Silicon Valley Bank has fundamentally changed banking

Marc Rubinstein, Founder and Editor of the Net Interest Newsletter, is back on the Yet Another Value Podcast to have a wide-ranging discussion digging into Marc's thoughts on the current state of banks, financial sector, as well as dissecting his article on what makes Capital One $COF interesting. For more information about Marc Rubinstein, please visit: https://www.netinterest.co/ Article on Capital One: https://www.netinterest.co/p/capital-one-buffetts-latest-banking Article on Charles Schwab: https://www.netinterest.co/p/vivat-charles-schwab Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:50] Overall thoughts on what's going on in the financial space [5:15] Banks are balance sheets [9:23] Why is tangible book value good? Why can't we go to half of tangible book value for a long time? [13:47] Activism in community banks [16:50] Wave of bank consolidation coming? [19:06] Advantages in small banks [22:32] History of Capital One $COF and what makes them interesting [33:33] Marc's thoughts on the bank failure reports and has the way banking works fundamentally changed? [42:11] Why isn't $COF not interested in buying regional banks anymore? [48:58] Buffet attracted to the online side of or is he actually attracted to the diversified, consumer-focused nature of these banks? [51:39] Does Capital One have a technology / marketing advantage versus other people? [58:06] What does the future look like for Charles Schwab $SCHW? [1:05:39] Current valuation of $SCHW [1:07:36] Earnings issue, not liquidity issue [1:09:27] Are we underestimating how profitable banks will be coming out of this banking crisis? Today's episode is sponsored by: Stream by Alphasense Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you. But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/