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But could it be that investors fears/avoidance of bank stocks (easily understood of course) is overdone while investors willing to pay up for late cycle earnings of the CSX's etc. was the real folly?

Take a look at what happened to WFC, as an example, a decade ago. I'd say the chances are far from small that a much more attractive entry point might be available in the reasonable future (despite the fact that banks are far less leveraged now than then, when a credit bubble bursts, it's hard to see that any creditor will escape the downdraft, at least temporarily).
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