In short: "My favorite bank by far — the hedge fund of banks." Once the smallest of the large with a "too exposed to Canada" knock; Laurent Ferreira is "an incredible CEO" and it's all about that at-home execution. The only objection is price (16× forward) — but "price is what you pay, value is what you get."
National Bank is Larson's favorite bank — "the hedge fund of banks." Historically it was the smallest of Canada's big banks, and the knock was that it was "too exposed to Canada" (less diversified internationally). Larson flips that into a strength: its tight, "at-home execution" under CEO Laurent Ferreira has been excellent, and being smaller means it can still move and grow rather than being "stuck in your chair" like the giants. The only real objection is price — about 16× forward earnings — which he waves off with Buffett's line: "price is what you pay, value is what you get."
25:29I think Laurent is an incredible CEO. I have a lot of respect for him. And yeah, it's by far my favorite bank. — Okay. So, you like National here. It's so funny because it's not really an underdog anymore, but it was, it's the smallest of the large. The knock against it was, well too exposed to Canada.
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