Pay close attention to Walter Todd's comments, and one gets a sense of what's behind the shine investors have taken to bank stocks.

Todd, portfolio manager and co-chief investment officer at Greenwood Capital Associates LLC, has slowly rebuilt his position in financial stocks. Before the recession, Greenwood had about 30% of its $250 million equity portfolio in financial shares. Today, the proportion is about 7%, nearly double last year's 3.5% to 4%.

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