The Blubber

Kevin O'Leary has said he will never buy a bank stock again as Biden "has essentially nationalized the industry" post-Silicon Valley Bank, per BI.

"You have zero risk and that has consequences," O'Leary said. "There's no such thing as a free lunch. And this is going to be very expensive for shareholders of banks long term. I would never put my money into a bank stock ever again."

"That's the way we should look at banking going forward. Nothing more than highly regulated utilities," he said. "And that has profound impacts for you as an investor. If you thought putting your money into bank stocks was a good idea, you should change your mind this morning — forever. Should you own bank bonds? Never. You're taught that lesson over the weekend."

"They're going to be even more regulated as they become more concentrated and far less profitable," he said. "This really does make you think about owning bank stocks long-term. I think they'll be underperforming the index for decades to come."

Last month, in an interview with CNBC, O’Leary, a former paid spokesperson for FTX, says that institutional investors like himself won’t be engaging in crypto investments until regulations are set to prevent the next FTX meltdown.

Read more: https://unusualwhales.com/news/kevin-oleary-and-ftx