If you’ve turned on CNBC or Bloomberg at any point in the last few years, you’ve no doubt seen bank analyst Richard X. Bove giving either a very bearish or very bullish comment on this or that bank.
His media-hungry style and seemingly schizo stance on some companies has invited a fair degree of mockery.
He’s the subject of a long profile in today’s NYT, which focuses on the legal battle with BankAtlantic that forced him to switch from his former firm Ladenburg Thalmann to his current, small shop in Florida — Rochdale.
For those that don’t know, Bove published a report in mid-2008 titled “Who Is Next.” BankAtlantic sued over its high ranking on problem bank lists, and after a legal fight, Bove was ousted, and saddled with $800K in legal bills.
As he tells the NYT: “I lost big.”
As for his own personal style:
He has been covering banking for about three decades, even as many of his contemporaries have moved on to careers in money management and other more lucrative work. “For some reason I really like what I do, and I just don’t want to do anything else,” he says.
Even in the midst of the BankAtlantic litigation, Mr. Bove continued to crank out at least one report a day and sometimes as many as five. He says he tries to capture the big picture rather than focus on the granular financial details found in earnings statements.
“What’s the reason to pay me to be the 14th guy to tell you what is going to happen in the second quarter at Citigroup?” he says. “There’s just no utility for a guy at a boutique that operates pretty much on his own to replicate the work of other analysts.”
And read all the key documents from the case, including his infamous report here.