"I don't own any bank stocks except for WFC just because they are all crooks and I don't want to associate with them."
The Irish banking calamity deserves an entire chapter in textbooks on economic history. Ireland is a tiny country (4 million people) where the entire banking system consisted of just 4 or 5 huge banks. Each bank was run by ego-maniacal chaps who mostly got their positions from family/political connections. The entire country, including government banking regulators, became swept up in a real estate bubble. There were virtually no naysayers. Students need to understand the risks from situations like that.
By contrast, the U.S. banking system and economy were diverse. But it's shameful that so many of our largest banks--but not Wells Fargo-- stumbled the worst. I had a big chunk of inherited Bank of America stock, a company that survives only due to government bailout and Uncle Warren's money and prestige.
Good thing that many of our second tier bank corporations were soundly run.
I'm prejudiced against several sectors: Banking always seems to be boom and bust. I don't love tech. I know retailing well, but I only have Walgreens there.
I've never liked restaurant stocks. But recently I did a survey of publicly owned restaurant stocks and was flabbergasted to see how well most of them have done lately. Worrisome to me that both Dunkin' and Krispy Kreme are soundly beating the market! Only MCD seems to be lagging, which is nutty.
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Because the Good Life is Just a Pump or Two Away
