Thus, as a backdrop for this upcoming speech and continuing a much deserved tribute to Bernanke's key role in helping the US avoid a Deep, Prolonged Financial Depression, I think it would be helpful to update just what has been going on with Stock Market Prices for Companies in each US State since March 6, 2009, the lowest point for the overall US Stock Market resulting from the aftershocks of the horrific late 2008 US Financial Meltdown, through the most recent date March 16, 2015......a roughly six year period of time.
Long-term Audited Earnings From Continuing Operations Under US Generally Accepted Accounting Principles (GAAP) drive Long-Term Changes in Stock Market Prices. These Company Earnings crashed with the late 2008 US Financial Meltdown and thus the linked Stock Market Prices of the related Companies also crashed.
But since the 2008 US Financial Meltdown, these Earnings have been consistently exceptional and thus the Stock Market Prices of the related Companies have also consistently exploded upwardly in the past six years.
This is the dilemma faced by the current US Fed ..... raise US interest rates or continue former US Fed Chair Ben Bernanke's economic policies which have continued to spur Company Earnings and thus also Company Stock Market Prices.
I think the current US Fed should tweak Bernanke's economic policies some to try to more effectively deal with income and wealth inequality, but why in the world would you want to alter them significantly since they have been so incredibly successful?
And the US Congress, and frankly also US Companies, just have to do a much better job addressing income and wealth inequality.
When you review this below list, the thing that should POP OUT to any investment analyst worth his salt is the unbelievable stock market price performance of New York REITs over the past six years. The top 4 on the below list of 94 New York Financial Companies are all REITs and all 4 of them were at least Twelve Baggers in stock market price appreciation over the past 6 years. Further, 7 of the top 10 on this list are also REITs and the lowest growth of the 7 was up 9 times.
And so the IRS by dragging its feet doesn't think their approvals of REITs are that important? Give me a break. The US economy cannot reach its full potential until the IRS does its job and timely reviews and either approves or disapproves the huge backlog of REIT applications stacked up on their desks.
Below here are the 94 New York Financial Companies with Stock Market Caps now of at least $100 mil and which have had their common stocks trading from December 31, 2007, or early in 2008 for companies first going public then, through the most recent date March 16, 2015, or the date the Companies were sold, if they were sold since the beginning of 2014.
| Market | Market | Market | ||||||
| Price | Price | Price | ||||||
| % | % | % | ||||||
| Change | Change | Change | ||||||
| Market | Market | Market | 3-6-09 | 12-31-07 | 12-31-07 | |||
| Price | Price | Price | to | to | to | |||
| New York Company | HQs | 3-16-15 | 3-6-09 | 12-31-07 | 3-16-15 | 3-6-09 | 3-16-15 | |
| $s | $s | $s | ||||||
| Financial Company | ||||||||
| SL Green Realty | New York | NY | 128.39 | 8.69 | 93.46 | 1377% | -91% | 37% |
| Newcastle Investment Corp | New York | NY | 4.60 | 0.33 | 12.96 | 1294% | -97% | -65% |
| Gramercy Property Trust | New York | NY | 7.00 | 0.51 | 24.31 | 1273% | -98% | -71% |
| NorthStar Realty Finance | New York | NY | 18.44 | 1.39 | 8.92 | 1227% | -84% | 107% |
| XL Group | New York | NY | 36.78 | 2.95 | 50.31 | 1147% | -94% | -27% |
| MarketAxess Holdings | New York | NY | 86.03 | 7.05 | 12.83 | 1120% | -45% | 571% |
| JW Mays | Brooklyn | NY | 49.97 | 4.20 | 22.15 | 1090% | -81% | 126% |
| iStar Financial | New York | NY | 12.84 | 1.09 | 26.05 | 1078% | -96% | -51% |
| Arbor Realty Trust | Uniondale | NY | 6.99 | 0.65 | 16.11 | 975% | -96% | -57% |
| One Liberty Properties | Great Neck | NY | 24.00 | 2.39 | 16.16 | 903% | -85% | 49% |
| AmTrust Financial Services | New York | NY | 56.22 | 5.88 | 11.38 | 857% | -48% | 394% |
| American Intl Group | New York | NY | 55.93 | 7.00 | 1,166.00 | 699% | -99% | -95% |
| American Express | New York | NY | 81.50 | 10.26 | 52.02 | 694% | -80% | 57% |
| Assured Guaranty Ltd | New York | NY | 26.42 | 3.65 | 26.54 | 624% | -86% | 0% |
| Fortress Investment Group | New York | NY | 7.60 | 1.08 | 15.58 | 604% | -93% | -51% |
| The Blackstone Group LP | New York | NY | 38.32 | 5.93 | 22.13 | 546% | -73% | 73% |
| Signature Bank | New York | NY | 132.51 | 20.57 | 33.75 | 544% | -39% | 293% |
| CIFC Corp | New York | NY | 7.96 | 1.24 | 8.00 | 542% | -85% | -1% |
| MasterCard | Purchase | NY | 88.71 | 14.24 | 21.52 | 523% | -34% | 312% |
| Moody's | New York | NY | 97.73 | 16.04 | 35.70 | 509% | -55% | 174% |
| McGraw Hill Financial | New York | NY | 105.87 | 17.64 | 43.81 | 500% | -60% | 142% |
| Financial Institutions | Warsaw | NY | 23.60 | 3.95 | 17.82 | 497% | -78% | 32% |
| BGC Partners | New York | NY | 8.95 | 1.66 | 11.30 | 439% | -85% | -21% |
| Sovran Self Storage | Williamsville | NY | 91.72 | 17.10 | 40.10 | 436% | -57% | 129% |
| Citigroup | New York | NY | 53.69 | 10.30 | 294.40 | 421% | -97% | -82% |
| KCAP Financial Inc | New York | NY | 6.92 | 1.39 | 12.00 | 398% | -88% | -42% |
| Lexington Realty Trust | New York | NY | 9.87 | 1.99 | 12.88 | 395% | -85% | -23% |
| Cohen & Steers | New York | NY | 42.04 | 8.51 | 29.97 | 394% | -72% | 40% |
| Pzena Investment Management | New York | NY | 8.76 | 1.79 | 11.40 | 389% | -84% | -23% |
| Evercore Partners Inc | New York | NY | 51.40 | 10.71 | 21.55 | 380% | -50% | 139% |
| E*TRADE Financial | New York | NY | 28.28 | 6.10 | 35.50 | 364% | -83% | -20% |
| MetLife | New York | NY | 51.92 | 12.22 | 61.62 | 325% | -80% | -16% |
| Flushing Financial | Lake Success | NY | 19.98 | 4.72 | 16.05 | 323% | -71% | 24% |
| Icahn Enterprises LP | New York | NY | 90.43 | 21.97 | 129.72 | 312% | -83% | -30% |
| BlackRock | New York | NY | 374.08 | 92.40 | 216.80 | 305% | -57% | 73% |
| M&T Bank | Buffalo | NY | 126.00 | 31.85 | 81.57 | 296% | -61% | 54% |
| Arch Capital Group | New York | NY | 62.09 | 15.93 | 23.45 | 290% | -32% | 165% |
| JPMorgan Chase | New York | NY | 61.85 | 15.93 | 43.65 | 288% | -64% | 42% |
| INTL FCStone | New York | NY | 29.54 | 7.63 | 26.99 | 287% | -72% | 9% |
| Acadia Realty Trust | White Plains | NY | 34.42 | 8.90 | 25.61 | 287% | -65% | 34% |
| WP Carey | New York | NY | 68.34 | 18.02 | 33.20 | 279% | -46% | 106% |
| Kimco Realty | New Hyde Park | NY | 26.42 | 7.01 | 36.40 | 277% | -81% | -27% |
| MBIA Inc | Armonk | NY | 9.30 | 2.53 | 18.63 | 268% | -86% | -50% |
| Vornado Realty Trust | New York | NY | 106.66 | 29.31 | 87.95 | 264% | -67% | 21% |
| Assurant | New York | NY | 61.77 | 17.19 | 66.90 | 259% | -74% | -8% |
| New York Mortgage Trust | New York | NY | 7.90 | 2.22 | 8.60 | 256% | -74% | -8% |
| BlackRock Kelso Capital | New York | NY | 9.26 | 2.72 | 15.28 | 240% | -82% | -39% |
| Oppenheimer Holdings | New York | NY | 23.82 | 7.13 | 42.35 | 234% | -83% | -44% |
| Broadridge Financial Solutions | Lake Success | NY | 52.88 | 16.03 | 22.43 | 230% | -29% | 136% |
| Travelers | New York | NY | 108.93 | 34.44 | 53.80 | 216% | -36% | 102% |
| Marsh & McLennan | New York | NY | 57.18 | 18.33 | 26.47 | 212% | -31% | 116% |
| GAMCO Investors | Rye | NY | 78.84 | 26.62 | 69.20 | 196% | -62% | 14% |
| Apollo Investment Corp | New York | NY | 7.84 | 2.71 | 17.05 | 189% | -84% | -54% |
| Blackstone Mortgage Trust | New York | NY | 28.17 | 10.10 | 306.50 | 179% | -97% | -91% |
| Mesabi Trust | New York | NY | 16.63 | 5.97 | 20.72 | 179% | -71% | -20% |
| AllianceBernstein Holding LP | New York | NY | 29.47 | 10.75 | 75.25 | 174% | -86% | -61% |
| Greene County Bancorp | Catskill | NY | 28.50 | 10.43 | 12.05 | 173% | -13% | 137% |
| Home Properties | Rochester | NY | 68.18 | 25.36 | 44.85 | 169% | -43% | 52% |
| Nasdaq OMX Group | New York | NY | 50.81 | 19.29 | 49.49 | 163% | -61% | 3% |
| Community Bank System | DeWitt | NY | 35.69 | 13.93 | 19.87 | 156% | -30% | 80% |
| Goldman Sachs | New York | NY | 191.90 | 75.65 | 215.05 | 154% | -65% | -11% |
| Lazard Ltd | New York | NY | 49.47 | 21.34 | 40.68 | 132% | -48% | 22% |
| Resource Capital Corp | New York | NY | 4.68 | 2.07 | 9.31 | 126% | -78% | -50% |
| Bank New York Mellon | New York | NY | 41.05 | 18.25 | 48.76 | 125% | -63% | -16% |
| Loews | New York | NY | 40.43 | 18.13 | 50.34 | 123% | -64% | -20% |
| Och-Ziff Capital Management | New York | NY | 12.37 | 5.56 | 26.28 | 122% | -79% | -53% |
| Cedar Realty Trust | Port Washington | NY | 7.37 | 3.32 | 10.23 | 122% | -68% | -28% |
| Berkshire Bancorp | New York | NY | 8.30 | 3.76 | 16.01 | 121% | -77% | -48% |
| Medallion Financial | New York | NY | 10.00 | 4.57 | 10.02 | 119% | -54% | 0% |
| Morgan Stanley | New York | NY | 36.73 | 17.18 | 53.11 | 114% | -68% | -31% |
| Central Securities Corp | New York | NY | 22.31 | 10.52 | 26.84 | 112% | -61% | -17% |
| Dime Community Bancshares | Brooklyn | NY | 15.73 | 7.43 | 12.77 | 112% | -42% | 23% |
| New York Community Bancorp | Westbury | NY | 16.83 | 7.99 | 17.58 | 111% | -55% | -4% |
| Astoria Financial | Lake Success | NY | 12.92 | 6.20 | 23.27 | 108% | -73% | -44% |
| The First of Long Island | Glen Head | NY | 25.76 | 13.27 | 12.37 | 94% | 7% | 108% |
| Alleghany | New York | NY | 485.24 | 253.63 | 402.00 | 91% | -37% | 21% |
| Tompkins Financial | Ithaca | NY | 53.42 | 29.55 | 35.27 | 81% | -16% | 51% |
| Sterling Bancorp | Montebello | NY | 13.55 | 7.73 | 12.92 | 75% | -40% | 5% |
| Chemung Financial | Elmira | NY | 28.00 | 16.00 | 28.05 | 75% | -43% | 0% |
| Investment Technology Group | New York | NY | 28.17 | 17.60 | 47.59 | 60% | -63% | -41% |
| NBT Bancorp | Norwich | NY | 24.71 | 16.04 | 22.82 | 54% | -30% | 8% |
| Arrow Financial | Glen Falls | NY | 27.08 | 18.11 | 18.90 | 50% | -4% | 43% |
| MFA Financial | New York | NY | 7.88 | 5.32 | 9.25 | 48% | -42% | -15% |
| Cowen Group | New York | NY | 5.36 | 3.74 | 9.51 | 43% | -61% | -44% |
| TrustCo Bank | Glenville | NY | 6.78 | 4.93 | 9.92 | 38% | -50% | -32% |
| Bridge Bancorp | Bridgehampton | NY | 25.13 | 18.45 | 24.30 | 36% | -24% | 3% |
| Prospect Capital | New York | NY | 8.52 | 6.58 | 13.05 | 29% | -50% | -35% |
| Chimera Investment Corp | New York | NY | 3.16 | 2.50 | 17.88 | 26% | -86% | -82% |
| Getty Realty | Jericho | NY | 18.00 | 14.30 | 26.68 | 26% | -46% | -33% |
| Suffolk Bancorp | Riverhead | NY | 23.12 | 21.41 | 30.71 | 8% | -30% | -25% |
| First Niagara Financial | Buffalo | NY | 9.11 | 9.87 | 12.04 | -8% | -18% | -24% |
| Annaly Capital Management | New York | NY | 10.52 | 12.88 | 18.18 | -18% | -29% | -42% |
| Greenhill & Co | New York | NY | 40.66 | 57.47 | 66.48 | -29% | -14% | -39% |
| Value Line | New York | NY | 15.56 | 26.92 | 40.72 | -42% | -34% | -62% |
| Average % Change all 94 New York Financial Companies | 337% | -62% | 24% | |||||
| Average % Change all 135 New York Non-Financial Companies | 562% | -57% | 88% | |||||
| Average % Change all 229 New York Companies | 470% | -59% | 62% | |||||
