Weekly issue — October 23, 2026

Consumer lenders are getting thrown out with the bathwater again — every time credit-provision headlines hit the tape, Mr. Market panic-sells the entire specialty finance book, good and bad businesses alike. That's exactly the kind of indiscriminate selling that hands patient investors a margin of safety. This week's screen is stacked with lenders and financials trading at single-digit P/Es — the job is sorting the moated franchises from the cyclicals riding a one-time sugar high.