As a sector financials underperformed the S & P 500 in 2023, but that statistic disguises a significant late year rally in the group. Since bottoming in late October 2023, the "money center" banks reporting this week have outperformed the S & P 500 by an average of nearly 15%. Can this outperformance continue? As always the names indicated in green are stocks we hold, so it seems we believe they can. Why? By some metrics this group remains quite cheap relatively. The average price-earnings ratio for Bank of America, Wells Fargo, JPMorgan Chase and Citigroup is just 10.3, less than half the S & P 500 overall. As a group they are…
