Portfolio Change - 12/07/2021

As discussed this morning, I’ve decided to invest in Ally Financial (ALLY):

At ~$46 per share, the stock trades at ~1.1x tangible book. If you believe normalized ROTCE’s in the mid-teens (%) are sustainable, as I do, that implies a normalized P/E in the single digits (Q3 FY21 call: “ROTCE for 2021, excluding reserve releases, will exceed 20%”). Personall…