Welcome to Crash Course, a podcast about business, political, and social disruption and what we can learn from it.

I'm Tim O'Brien. Every week on Crash Course, I'm going to bring listeners directly into the arenas where epic upheavals occur and

I'm going to explore the lessons we can learn when creativity and ambition collide

with competition and power.

Listen to Crash Course every Tuesday on the IHeartRadio app, Apple Podcasts,

or wherever you get your podcasts. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

Daily, we bring you insight from the best in economics, finance, investment, and international

relations.

Find Bloomberg Surveillance on Apple Podcasts SoundCloud, Bloomberg.com, and of course,

on the Bloomberg.

Right now, Lisa Bramowitz and Tom Keene on the equity markets with Sam Stovol, and and Sam I've got to start where we were with

Matt O'Connor of Deutsche Bank. Thank you Doug Cass for emailing in a very sharp

note where Doug Cass almost trading Sam would say the banks have come awfully far, awfully fast.

Sam Stovol that right now all love the banks. Do they, Sam, is it too far too fast for the banks?

Well, I think that we are seeing better numbers expected for this fourth quarter.

Diversified banks were expected to be a down 22% in that fourth quarter

earnings now off only 17.6 so things are looking to get a little better

regional banks were supposed to be down 13.5, now less than 12.5, and things really haven't even

gotten started yet.

So basically where there is a vacuum of valuations is where investors are most likely drawn.

Yeah, well, well said.

The other idea of Sam Stovolow that I think you've got so many decades of experience on

...