Its definitely Thg Holdings (LON:THG) if we have a debt deflation driven depression as Lloyds would need bailed out in those circumstances but aside from that scenario its probably really dull and awful Lloyds Banking (LON:LLOY) ...its just a capital cycle, valuation and expectations thing really. Probability favours Lloyds.

I'll bet anyone a pint on it.

Here's my simple discounting of the deflationary depression

mojo out

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