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Inspired By Trump, Dan Loeb is Buying Up Bank Stocks

He thinks under Trump the banks might win big.

Billionaire hedge fund manager Dan Loeb thinks rate-sensitive financials, a.k.a. bank stocks, are the way to go. His Third Point LLC made new investments in JPMorgan Chase (JPM) - Get JPMorgan Chase & Co. (JPM) Report , Bank of America (BAC) - Get Bank of America Corp Report , PrivateBancorp (PVTB) and Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. (GS) Report in late 2016. It sold a stake in Citigroup. In a recent letter to investors, Loeb said he hadn't expected Trump to win the White House but has shifted his investments accordingly. Apparently he thinks under Trump the banks might win big.

This article was written by a staff member of TheStreet.

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