Curiouser - and totally off topic
Chances are, if you frequent this board, you have an interest in beaten-down stocks/potential value opportunities.
It will come as no great surprise to hear that for years and years Union Bank of Swizerland and Credit Suisse marched up and down the markets in lockstep. It might happen that over a quarter or more one might out-perform the other by 10% or so before they came to their senses and returned to identical franc for franc movement.
Until about a year ago. In this last 12 months, UBS is up about 38% and CS is down 35%. As sometimes happens, a company can hit or construct an especially unlucky streak - sound familiar?? Credit Suisse managed to find every pothole possible, including Archegos. You might recall that name as a high-flying family fund managed by a former hedge fund megastar. Seems every other broker on Wall Street managed to dodge the bullet. CS, not so fortunate. By the time they started selling their client's collateral, everyone else had already done so.
Anyway, this shtuff happens. They tried changing CEOs but the new guy was a bit of a jetsetter and broke covid restrictions, amongst other sins. Gone in very short order.
Anyway, disastrous results were released earlier in the week. But there's a glimmer of hope!! German 10-year bund yields turned positive very recently, the first time in years. Banks are supposed to do especially well in a rising rate environment. Big asterisk: if war breaks out in eastern Europe this weekend, this idea could be dangerous to your financial health.