You and EI are thinking alike Pagz...I agree with you both!
Calif was one of the hardest hit but amazingly has managed to is claw its way back ahead of the recovery curve. We've seen several bank deals the past year but the ones paying the most premium have involved Calif banks!
Good article!
Investing requires continuous learning, even though the underlying concepts (buy-low-sell-high, margin of safety, etc.) never change.