In short: The fourth of the banks he owns; same treatment — a quality franchise being trimmed at the margin because the price, not the fundamentals, has moved to an extreme.
Scotiabank is the fourth Canadian bank in his portfolio, held on exactly the same terms: a quality franchise he expects to be fine long term, trimmed at the margin because forward valuations sit at or near record highs.
He is honest that he is "a little bit" nervous about the bank exposure overall, and gives credit to the bear case that the banks have become the Canadian market's crowded trade.
9:41I would say that we're underweight banks and we've been using it at the margin as a source of cash. So our activity in banks in recent quarters has been to trim, albeit modestly trim the banks, and our view on the fundamentals, Amber, has been really pretty consistent here.
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