The stock market's outlook may be murky amid its recent volatility, but investors' views on bank stocks have hardened into two distinct points of view: They are bargains, or they simply are not.

Kevin C. Pilot, a portfolio manager with the Private Asset Management known for his "vulture strategy" of investing-he bought Valujet shares after one of its planes crashed in the Florida Everglades with no survivors-is thinking about bank stocks again.

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