Just yesterday, Merrill Lynch heavy hitter Richard Bernstein warned investors to sell bank stocks, because profits will continue to drop despite government action. Today, Bernstein heeded his own counsel and left his post at Merrill Lynch/Bank of America. From MarketWatch:
Bank of America shares fell 7% on Tuesday and were among the financial sector’s biggest decliners after word emerged that two top members of Merrill Lynch’s financial and market research team are leaving the firm in coming months.
Bank of America said Tuesday that its Chief Investment Strategist, Richard Bernstein, and its chief North American Economist, David Rosenberg, are leaving the firm.
It said Bernstein, “has made the decision to pursue new challenges, including potential opportunities on the buy-side, teaching and perhaps authoring another book.”
Bernstein recognizes that there’s no point in being a big player in a losing game. I hope he writes another book.