Subject: Re: BOA
I have given up on investing in banks. They go through an existential crisis every decade or so and shed years of capital gains. Even their dividends and share purchases are limited by regulators. After the current crisis, stress tests and capital requirements will get tougher. I believe banks have become uninvestable for the average investor like me.

I believe financial services firms like BlackRock, American Express, S&P Global, Broadridge are lot safer and likely to give higher total returns, even if they are valued higher than banks on PB or PE. As are insurers and insurance brokers like MKL, WRB or PGR.