Independent Equity Research Since 2001

Nothing is obvious
to the uninformed.

Portales Partners provides independent, conflict-free bank equity research — blending micro fundamentals with macro economic cycles. Decades of perspective spanning every major credit cycle since the 1970s.

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2001 Founded
40+ Years of experience
II Ranked Institutional Investor
Independent Conflict-free research

"All economic good and evil is intermediated through bank balance sheets."

— Charles Peabody, Director of Research
What We Do

The Gateway to Independent Research

Specializing in bank stocks with a macro-aware, cycle-tested approach.

Portales Partners specializes in bank stocks. Our equity research blends the micro with the macro — banks are windows into the worlds of economics and finance. Interest rates and GDP are as important to bank stocks as balance sheet positioning and management strategy.

Our judgment and perspective are honed by decades of business cycle experience dating back to the 1970s. We were founded in 2001 when the conflicts from investment banking became too overbearing at the bulge bracket firms.

Portales Partners' independent, unbiased research can fuel profitable trading and investing. We partner with a select group of bespoke clients looking for spirited but civil discourse.

Why Portales

Conflict-Free. Cycle-Tested.

  • Institutional Investor ranked analyst with coverage dating to 1981
  • Experience across 1980s LDC crisis, Texas banks, 1990s CRE, the Global Financial Crisis, and the Pandemic
  • No investment banking conflicts — pure research integrity
  • Macro-aware approach: interest rates and GDP as central inputs alongside balance sheet analysis
  • A proven track record of prescient, contrarian calls ahead of major market moves
  • Widely quoted in Bloomberg, the Financial Times, The Wall Street Journal, The New York Times, and Reuters
Research Universe

Coverage Universe

Our research spans major U.S. banks and large-cap alternative asset managers, combining deep fundamental analysis with macro cycle perspective.

BAC
Bank of America
Large-Cap Bank
C
Citigroup
Large-Cap Bank
CFG
Citizens Financial Group
Regional Bank
JPM
JPMorgan Chase
Large-Cap Bank
MTB
M&T Bank
Regional Bank
PNC
PNC Financial Services
Regional Bank
TFC
Truist Financial
Regional Bank
USB
U.S. Bancorp
Regional Bank
WFC
Wells Fargo
Large-Cap Bank
GS
Goldman Sachs
Investment Bank
MS
Morgan Stanley
Investment Bank
ARES
Ares Management
Alternative Asset Manager
BX
Blackstone
Alternative Asset Manager
Prescient Calls

Track Record

A history of getting it right — often against consensus — at the moments that mattered most.

1990
Regional Banks
Early call on regional bank stress ahead of the commercial real estate downturn
1995
Soft Landing
Correctly forecast the Fed's successful soft landing when consensus was skeptical
2008
Housing Bubble
Featured in "The Big Short" for early, contrarian sell ratings on major banks ahead of the GFC
2020
The Four Horsemen
Identified the four converging macro risks facing banks during the pandemic cycle
2023
SIVB Collapse
Early warning on Silicon Valley Bank's vulnerabilities before the March 2023 failure
Media & Recognition

In The Press

Charles Peabody has been a trusted voice in financial media for more than four decades, consistently providing clear-eyed analysis on U.S. banks and the broader financial system.

"These funds may also signify that [big banks] will no longer let the PE/PC industry ride their liquidity rails for 'bail out' needs. I believe that we are moving ever so close to a liquidity event in the capital markets."
Grant's Interest Rate Observer February 2026
"We're at the early innings of a credit distress cycle. People have woken up to the fact that there's credit stress in private credit." Peabody expects private equity and private credit "to be at the epicentre of any credit dislocations," drawing parallels to the Panic of 1907.
Private Debt Investor June 2025
"You're going to see a lot lower buybacks than you did last year in the U.S. banking system" — called ahead of the 2022 rate-driven capital squeeze.
Reuters April 2022
Featured on Bloomberg Television's "Street Smart" discussing the outlook for Bank of America and the broader U.S. financial industry.
Bloomberg TV Washington Post
"There's something about the Wall Street model that says they're going to emerge from this cycle as walking wounded — and the walking wounded really can't compete on a stand-alone basis."
Reuters / CNBC 2008 · Bear Stearns era
Quoted in: Grant's Interest Rate Observer Private Debt Investor Bloomberg Financial Times Wall Street Journal New York Times Reuters CNBC Washington Post
Leadership

Meet Charles Peabody

Charles Peabody, Founding Partner of Portales Partners
Charles Peabody
Founding Partner & Director of Research

Charles Peabody began analyzing U.S. banks in 1981 and has been Institutional Investor ranked when employed by numerous prestigious Wall Street bulge bracket firms. He co-founded Portales Partners in 2001 as a "refugee from investment banking" — choosing the integrity of independent research over the conflicts inherent in sell-side coverage.

Over more than four decades, Charlie has navigated and called every major credit cycle: the 1980s LDC crisis, the Texas banking collapse, the 1990s commercial real estate downturn, the Global Financial Crisis, and the Pandemic. He is widely regarded as one of the most respected and prescient voices in U.S. bank analysis.

His affiliations have included Kidder Peabody (no relation), Standard & Poor's, Merrill Lynch, Drexel Burnham, and UBS. He holds a BA from Lake Forest College.

II Ranked Kidder Peabody Merrill Lynch Drexel Burnham UBS Standard & Poor's Lake Forest College
On Camera

Media Appearances

Selected television and video appearances featuring Charles Peabody's market analysis and commentary on U.S. banks and the financial sector.

Watch on YouTube
YouTube · April 2025
A Financial Crisis or Just a Bank Stock Correction?
The Real Eisman Playbook · with Steve Eisman
Watch on Yahoo Finance
Yahoo Finance · July 2024
Goldman Sachs Earnings Prove Bank Still Very Cyclical
Yahoo Finance · Market Domination
Watch on Bloomberg
Bloomberg TV · April 2019
What to Watch for in Second Quarter Bank Results
Bloomberg Television
Watch on Bloomberg
Bloomberg TV · March 2019
Wells Fargo Is Still in the Fix-It Stage
Bloomberg Television
Watch on Bloomberg
Bloomberg TV · March 2016
Is Jefferies' Revenue Slump a Bad Sign for Wall Street?
Bloomberg Television
Watch on Bloomberg
Bloomberg TV · October 2014
Morgan Stanley's Strengths in the Sweet Spot
Bloomberg Television
Watch on YouTube
YouTube · September 2011
Charles Peabody on Banking & Market Outlook
Portales Partners
Get In Touch

Contact Us

We work with a select group of clients seeking independent, conflict-free bank equity research. If you're interested in partnering with us, we'd love to hear from you.

Reach Charles Directly

Email cwp@portalespartnersllc.com

Portales Partners is focused on a small, curated roster of clients who value spirited but civil discourse. We prefer depth over breadth. If you're a serious investor or institution looking for independent bank research with genuine macro perspective, we'd be glad to connect.

Our Office

Old Lyme, Connecticut
United States

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