Word: bottom
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Another cause of idea malfunction, Sindell believes, is that we tend to see things through a haze created by our own limited personal worldview. To get to the bottom of whether a given idea has any real merit outside our own heads - or outside the lab or conference room, where a team may have been sweating over it - Sindell recommends continually asking, "Why?" As in, "Why is this a good idea?" To each subsequent answer, he says, ask "Why?" again, until you've gotten down to the bedrock that underlies your assumptions. Then look at your idea again...
...sure, Wells Fargo still has plenty of fans, and its bottom line has held up better than expected - the bank's first-quarter earnings of $3 billion were up 50% over the prior year's first quarter, despite a tough economy. Executives at Wells are also reassuring investors that the bank's loans will perform better than rivals; they point to the $39 billion in loans the bank wrote off when it acquired Wachovia last fall as proof of its conservative posture...
...disappointment, Wells Fargo shares have further to fall than its rivals. The stock trades at a price-to-book multiple of 1.6; JPMorgan, another bank deemed to be in relatively good shape, has a price-to-book of just 1. On earnings, Wells trades at 16 times its expected bottom line this year. That's better than even Goldman Sachs, which has a price-to-earnings multiple of just...
...cushion that blow - $22 billion as of the end of March - and Wells would be able to tap another $24 billion of loss provision that it set up when it acquired Wachovia. But that still leaves another $40 billion in loan losses that could find their way to Wells' bottom line in the next two years...
...market is looking for ways to claim that housing is finding a bottom and that it is possible that a recovery in home prices in the wings. While there may be some pick-up in sales in the most depressed markets including Nevada and Florida, there is no sign that prices are rising. Clever buyers are moving in to buy homes in foreclosure, but the prices of these houses are so low that their sales may actually bring down the average price of the homes being sold in those markets...