The problem with Whitney is that she can be right about all the problems. It doesn’t mean the market hasn’t already priced it in. Especially given that banks can earn their way back into positive tangible equity.

Klarman says it best…
“As Seth Klarman explains in Margin of Safety when you make macro calls you need to be right on the call, make it before everyone else does, make it before the market has priced it in, convert the idea into the correct trades, identify when the trend has become correctly priced and again trade out. This is vastly harder than buying undervalued securities of businesses and then selling them when they reach fair value” http://longterm.blogspot.com/2008/12/turnaround.html

Good luck with your new venture!

Cheers, Neil