In short: Held, underweight, trimmed at the margin on valuation — same view as the rest of the group. Concedes "a lot of validity" to David Rosenberg's "banks are our AI bubble" thesis, but says the concern is what you pay, not the business.
TD is one of the four Canadian banks he holds. He applies the same treatment to all four: high-quality franchises, held but underweight, and trimmed modestly at the margin because the price — not the business — has reached an extreme.
The cash raised from those trims is what funds the beaten-up names he actually wants to add to, like Boyd, Stantec and Thomson Reuters. That recycling from crowded winners into feared laggards is the whole point of the episode.
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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