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Hello,

Another hit piece by Aurelius today. The folks who might respond to that have apparently exited long ago as the share price was down much less than the overall market and less than most large bank stocks. This is some kind of tell since the short's playbook is to have new short selling initiated to lend credibility to the attack. I would expect to see another SA article in the next few days to give the enlightened shorts some opportunity to cover before earnings. The overall softness in the market will provide them a better opportunity to cover than they
deserve.

In the meantime, with the stock price a little over two times book value and with a trailing price earnings around 13, it will be very surprising if the short position will show much growth as of 12/31/15 when the next report comes out. As the March qtr should show phenomenal, accelerating growth, the days that the shorts reign supreme here are becoming quite short themselves.

Best regards,

Mike
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