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  • Capital One: One of the "Last Remaining Cheap Banks"

    Published: March 13, 2014

    COF was traditionally funded by credit card securitizations, which was a volatile source of funding, but the company reduced its dependency on such funds by becoming a full fledged bank. COF acquired a series of regional banks starting in 2004, and currently securitized debt is only 1/10 the amou...

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  • A Hilariously Compelling Short on

    Published: February 01, 2013

    Let’s start with the base retail business. It reminds me of an old Saturday Night Live skit where a banker explains that his business plan is making change. ‘we’ll give you 5 nickels for your quarter. We can even give you ten pennies for your dime…How do we make money? Simple: Volume!’ Do you rem...

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