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I definitely agree with you, but my point was just that looking at your investment from the perspective of those that disagree with you could have some value. The bull case seems to lean on the thesis that "normalized" earnings power out a few years could be very powerful so that if you buy now and just wait, the stocks look quite cheap on an earnings basis.

a historical comparison with the chinese banks of the 90's could be very interesting Reggie. At one point some estimates showed their NPLs to be 20-50% of their total loans! and that was over 10 years ago and that charade is still going on.