EFTA Document EFTA01459638

8 February 2016 US Equity Insights Bank stocks represent shareholders equity or residual real assets that are used to intermediate nominal assets and liabilities Bank stocks represent real entities with earnings that should rise with inflation. A bank, like any other business, should be valued based upon all of its future cash flows. Just like any business, a bank's earnings and dividends should grow with inflation over the long-term even if none of its earnings are retained for reinvestm