FRC - First Republic: Okay Quarter But Valuation And Conditions Are More Demanding
Benchmarking companies and stocks against peers is a time-tested strategy, but what do you do when a company doesn’t really have many true peers? That’s one of the challenges with First Republic (FRC) and its differentiated high-service model focused on providing banking and wealth management services to high net-worth individuals and select lending clients like equity investors, non-profits, and schools. While “it’s different this time” are some of the most dangerous words in investing, it is a relevant to First Republic at least insofar as this model really is different.
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