In short: Avenue's biggest bank position ("small but mighty"). Consistently the highest-ROE Canadian bank over 10 yrs; cleaned up legacy oil & gas loans, strong Quebec franchise + Canadian Western/Laurentian deals. ~17x — deserves a premium multiple for earnings quality.
National Bank is Avenue's largest bank holding. A decade ago it was an afterthought — a Quebec-focused lender that got hurt by oil-and-gas loans in 2015–16. Since then it cleaned up that exposure and has consistently earned the highest return on equity of the Canadian banks, helped by smart acquisitions (Canadian Western Bank and Laurentian's Quebec retail business). It trades around 17x earnings, which isn't cheap, but Teich argues it deserves a premium because the quality and consistency of its earnings are the best in the group.
49:19Okay. We'll let you go off on National Bank, which you said was one of your favorites. We actually had a question from Charlie about, and
49:28we've had a previous guest say National Bank was their favorite. Let's spend a minute on that National Bank story because small but
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