Keith D. Smith, CFA

Bonhoeffer Fund believes there can be a wide gap between the market perception and the true value of a company. Unhindered by geographical boundaries and popular perception, we find opportunities in less conventional industries and markets.

It looks like the US is behnd the curve on interest rates. The US has 4% while Europe has 2% and Japan/China 0.5%/1.5%. In addition, demand for stablecoin can increase treasury demand by about 20% from its current levels. Which banks/fin services firms would do best in a 2%…

Has anyone seen studies on RoE/RoIC fades in serial acquirers? How common is this & effective ways to combat. TIA.

What firms do you think will be the biggest beneficiaries of the Japanese & Korean value-up programs?

Who are the insurers who focus on investing as well as underwriting? The list so far I can think of includes: $BRK, $MKL & $FFH.TO. TIA.

KAPUT! Europe’s Economic Struggles with author Wolfgang Münchau youtu.be/DJPrmT847Vo?si… via @YouTube An interesting interview which reveals some of mercantilist characteristics of the German finance system.

Trump's Tariff Shocker! Big Short Investor Weighs In with Dan Clifton youtu.be/9NbEyF5Q8XM?si… via @YouTube Eisman has some non consensus views on tariffs. His new podcast is great. His interview with author of Kaput is interesting also.

What was average home inventory turnover in 2024 perplexity.ai/search/what-wa…

Nice description of what the Trump Admin is doing w tariffs & Ukraine.

Failure or Success in the Time of Trump | Jim Balsillie | EP 530 youtu.be/pbpO2wtHL7w?si… via @YouTube Interesting discussion of US/Canada positions in relation to IP.

Who are the best banks at growing by finding, recruiting & integrating loan teams from other banks like $SFBS? TIA.

Larry Kudlow interviews Scott Bessent at The Economic Club of New York youtube.com/live/tMA62d0KG… via @YouTube. A decent discussion on tariffs & the big picture from a US perspective.

Does anyone know of any MF focused banks beyond OSB Group, Paragon Banking Group and $MLGF? TIA.

Does anyone have examples of bank 100 baggers & what percentage of the increase was organic versus due to M&A? TIA.

What banks have grown primarily by buying loans from the FTC of FDIC. There are $FCNCA and $NBN. Are there any less known names that have done this? TIA.

Who would you consider as the best run banks in California?

What are folks thoughts on $IBOC? Appears to be a growing efficient bank that should be able to ride the Mexico near shoring trend. Haven’t seen any info on VIC or other third-party sites.

What are some of the best ways to play increased low-income residential development/construction?

A view of $STLA from a dealers point of view & how to turn it around. podcasts.apple.com/us/podcast/car…