Scotiabank has the Cheques and Balances to Justify its Valuation

Yes, Canadian banks are trading at valuation multiples unseen in years. However, comparing these multiples to their historical valuations may not make all that much sense. The banking industry has changed drastically over the years.  Decades ago, banks were mostly just mortgage lenders. They would take in deposits from savers, keep a very small fraction […]

Would “Big Daddy” Gardiner (Expressway) Buy the Banks Today?

Last month, at a Rotary Club meeting, I found myself sitting next to someone I hadn’t met before. After asking about my profession, he leaned in a few minutes later and said, “Is it true that to get rich, you should only buy Canadian banks?” Well, I know of at least one person who rode […]