41 Quotes by Richard Bove

It's a grand-slam home run. They wind up getting rid of the high-cost, labor-intensive delivery systems and get in return a business which has a faster secular growth rate with a higher rate of return.

It's the luck of the draw. Goldman has the assets and the people and the technology and the products out there, and at certain times it all comes together.

It's not an international bank. It doesn't have an international reputation. It's not a core business.

It's increasingly difficult to be a regional broker. There's a lack of trade to worry about, yes, but you're also dealing with pricing weakness, competition from the big New York City companies and the universal banks that offer everything from checking accounts to financial advisory services.

Not only are long-term factors pointing to considerable strength, but short-term developments in the last couple of months have been positive.

In general, this should be a mixed quarter. Clearly, M&A is strong but the IPO market has slowed down, the equity market is weakening and the fixed income market is limping along.

In general, this should be a mixed quarter, ... Clearly, M&A is strong but the IPO market has slowed down, the equity market is weakening and the fixed income market is limping along.

If you believe this a secular story then you should ignore cyclical swings. The banks may have bad quarters every now and then but so what?

If you look at volume on the New York Stock Exchange and the Nasdaq over the last five years, there's been no real increase in the number of shares traded. In addition, proprietary trading has gone from 19 percent to 52 percent of that total. So you're seeing more competition for fewer individual trades.