My Speech at the Truist Shareholder Meeting

My speech was broadcasted today at the annual Truist shareholder’s meeting, held virtually on Tuesday, April 23. I like this company. I believe in their model, and in their value in the marketplace, and in the opportunity that exists in them being more of a “big bank” (BB&T and Suntrust merged together five years ago) that is perceived in the market (wrongly, in my view) as a “regional bank.” There is a history here, a balance sheet, and an operation that has a chance to be very rewarding for investors in the years to come.

There also is a great chance to squander it. BB&T was a Charlotte-based bank and Suntrust an Atlanta-based one. You may have heard that the south has a few conservatives, and the south has a few Christians. You may also have heard that conservatives and Christians are not very kind to companies who pick a fight with them unnecessarily in the current insanity of the culture war.

Truist has a chance to create value or destroy value, and owners in the bank like myself and my clients have a vested interest in them making the right decision. Deciding to play footsies (and then some) with the far woke contingencies of the culture war is not only dubious on the merits, but it is fatal for a southern-based super bank in terms of its business implications.

Check out the speech, and may Truist engage with us constructively, towards their fiduciary obligation of creating value. To those whom much is given, much is required.