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Stock Picks: Financials With a Future
David Dietze of Point View Financial Services sees light at the end of a long, dark tunnel.
"I'm looking at the stock market, which has just had its worst January in 113 years; that's terrible, but I'm also looking at a much bigger market, which is showing remarkable signs of life," he told CNBC. "...What brought us down, which was the freeze-up in credit markets, is starting to thaw."
He's cautiously optimistic about financial stocks.
"With financial stocks down 26 percent in January, after being down about 45 percent in 2008, you've got some record valuations," he said. "Look for companies that have good market shares, good relations with the government, that are well-managed, and with a reasonable time frame, you're going to be all right."
Recommendations:
Dietze likes Goldman Sachs [GS
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], and that's not all.
"To me, the buying opportunity is Bank of America [BAC
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]," he said. "You've got the largest market share in deposits...you've got your largest mortgage lending...and you've got the largest group of wealth managers."
Disclosures:
Disclosure information for David Dietze was not immediately available.
Data is a real-time snapshot *Data is delayed at least 15 minutes
