In short: Referenced only — he sits on CIBC's board (a conflict). Asked about banks financing Canadian resource projects, he says only that "the Canadian banks are there to support Canadians" and "it is going to be tough depending on what's thrown at us." No view on the stock.
50:04— Well, I will say only a little bit about the non-Agnico part of my business experience. But I will tell you that at CIBC and I'm sure at the other banks we view our role as important to Canadian society. The Canadian banks have supported Canada for hundreds of years.
In short: Also in the pecking order: "you got a new CEO at CIBC, Harry [Culham], who's going after this high-net-worth franchise" — a self-help driver on top of the group's buybacks. "There are still a lot of little drivers if you listen to them, if you go to their analyst days."
CIBC is his other named preference in the group, for a simple self-help reason: a new chief executive (Harry Culham) is pushing hard into wealth management for high-net-worth clients. That kind of business earns recurring fees rather than one-off transaction income, so it's valued more highly. His broader point is that these banks still have concrete levers left — "there are a lot of little drivers if you listen to them, if you go to their analyst days" — which is not what a bubble looks like.
18:13they're going to take your money and in part they're going to buy themselves, right? So, so you're really fighting against a big tailwind, our pecking order. We've liked what Daryl White's done at Beimo. The we like the fact that he has exposure to US commercial, right? You got a new CEO at CIBC, Harry, who's going after this high net worth franchise.
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