Warren Buffett-disciple Guy Spier reveals his favorite bank stock to own and outlines major risks for regional banks after the Moody's downgrade.
Renowned value investor Guy Spier has said U.S. regional banks are a "potential minefield" in the current market environment. Spier, who calls himself an "ardent disciple" of legendary investor Warren Buffett, told CNBC's Pro Talks Wednesday that he saw risks in regional banks after Moody's downgraded several of them this week.
Moody's decision to downgrade regional banks while leaving money center banks unchanged "kind of tilts the playing field a little bit" in favor of the large banks, funneling more profits their way, according to Spier. Technology threat Aside from the risks highlighted by Moody's, Spier suggested that technology and innovation also pose major threats to regional banks.
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