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For the first time since it went public in 1994, Lehman Brothers has posted a quarterly loss. But Morningstar's Ryan Lentell doesn't want that to sour you on buying brokerage shares.
"Short-term, you're not going to be doubling your money," he admitted to CNBC. "They're an investment that you're going to be holding for a long period of time."
But what about their current woes?
"If you revert back six years, you had the same arguments going on," he said. "It ended up being a tremendous buying opportunity; I think you're going to have these periods, time after time, with the investment banks."
Recommendations:
What of perennial favorite Goldman Sachs [GS
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"Long-term...Goldman's probably the best set-up firm," he said. "It's the most pricey, and the market realizes that...I think it's undervalued today, but I think you can get some better values in some of its competitors."
Competitors such as Morgan Stanley [MS
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"I think they're both at a little bit greater discount to their fair values than I would put Goldman," he said.
Disclosures:
Neither Lentell, his family, nor his firm own any shares of, or have business relationships with, Goldman Sachs, Morgan Stanley, or Merrill Lynch.
Data is a real-time snapshot *Data is delayed at least 15 minutes