Bank of America Corp
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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Postmarket

Last Trade
Delayed
$35.49
-0.04 (-0.11%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$35.53
Day's Change
-0.26 (-0.73%)
Bid
--
Ask
--
B/A Size
--
Day's High
35.94
Day's Low
35.50
Volume
(Light)
Volume:
41,124,903

10-day average volume:
56,491,969
41,124,903

Here's where to put your money before traders start 'rotating, if not stampeding' out of stocks, according to one Warren Buffett disciple

4:39 pm ET December 27, 2020 (MarketWatch)
Print

Shawn Langlois

Earlier this year, Berkshire Hathaway (BRKA) threw its heavyweight name behind Barrick Gold (ABX.T) with an investment that flew in the face of Warren Buffett's longtime aversion to gold. The news was "earth-shaking in the gold market," one strategist said at the time (https://www.wsj.com/articles/warren-buffetts-berkshire-hathaway-joins-the-gold-rush-11597682998).

Now, Kevin Smith, Crescat Capital's chief investment officer, says others following suit by adding exposure to gold and getting out of some highfliers will be richly rewarded when the bull market turns.

Smith, who earlier this year talked about learning the ropes (https://www.ozy.com/the-new-and-the-next/the-big-short-of-the-coronavirus-crash-says-were-far-from-the-bottom/291920/) from a stack of Berkshire shareholders letters his dad gave him long ago, used this chart to show how investors could be at a pivotal juncture.

Basically, stocks are trading at record high valuations while commodities, on the flip side, have never been so undervalued. "The setup is in place for a macro pivot in the relative performance of these two asset classes," Smith wrote in a note to clients (https://www.crescat.net/december-research-letter/). "Comparable conditions were present with the 1972 Nifty Fifty and 2000 Dotcom bubbles."

He explained that investors will soon be looking to put their money toward the highest growth/lowest valuation opportunities, and that will result in a move away from the stocks that have been leading this bull market.

"Analytically minded investors will soon be rotating, if not stampeding, out of expensive deflation-era growth equities and fixed income securities and into cheap hard assets, creating a reversal in the 30-year declining trend of money velocity," Smith wrote.

Some popular ways to play the rotation Smith's predicting would be to go long Newmont Corp. (NEM) and Barrick Gold, or dabble in ETFs like GDX (GDX) and GDXJ (GDXJ). Then, the even bigger opportunity, he says, lies in picking the winners on the exploration side.

"To be frank, buying gold or silver is not a contrarian investment position today," Smith wrote. "There are enough people in agreement with the idea that all government backed fiat currencies are doomed to some level of devaluation through inflation due to the level of fiscal and monetary imprudence and unsustainable debt imbalances in the financial system."

No sign of that rotation yet, with futures on the Dow Jones Industrial Average , Nasdaq Composite and S&P 500 all leaning higher ahead of Monday's trading session.

-Shawn Langlois; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

December 27, 2020 16:39 ET (21:39 GMT)

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