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Po = D / (1 + required return) + P1 / (1 + required return)
Po = D * (1 + constant growth) / (required return - constant growth)
EM = 1 / ratio of ROE to ROA
ROE = ROA * EM
req reserve + excess res + loans + t bill = deposits + capital
req reserve = deposit * ratio
gap analysis => i rate * (rate sensitive assets - rate sensitive liability)
raise in interest ^ asset return, V liability
^ money supply, ^ stock price, do not buy
investors acting on best info in 90's -> 2001 bubble
cash flow in stock: dividends, capital gains
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