TheStreet's Doug Kass buys JPM as an investment

Doug Kass over at TheStreet.com says he's buying a small amount of JP Morgan here as an investment.

Among his arguments:

• The stock is trading at a low price to book multiple, despite an ongoing share buyback
• JPM and the big banks already trade at low PE multiples (JPM is at less than a 7x forward P/E, more than a 40% discount to the S&P 500)
• The cost of the $2 bln trade is fairly low to JPM, in the grand scheme of things.

Read what he has to say. It's not a buy recommendation.

The value is that it provides insight into the psychology involved, and why big downside from here based on regulatory fears could be limited.

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