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Explaining the Bank Rally

So many articles and news stories attributing the bank rally to either the expectations of regulatory reform, or the recent steepening of the yield curve. Up until today, I had not seen much press coverage that attributed the bank rally to expectations for corporate tax reform. I was curious as to what the likely impact to after tax free cash flow would be if corporate tax rates are reduced so I made a quick model.

Seems like the after tax free cash flow that will result from corporate tax reform is the primary driver of the rally.