Yet in your comment you state you only invest in banks, so there is an equal bias on your side of this conversation.  The author isn't that far off in his reasoning. Expansion is going to be hard to get. The Big 5 are fighting over the same dollars domestically. Market share shifts from one to another, based on current marketing campaigns and lending policies. A giant circle of money. If you step back and re-read the article objectively, you can see some salient points as to why there is inherent risk in a bank-only investment approach.