| BUY | | Wells Fargo | WFC-N | 62.570 | A phenominal bank and will probably remain so. Its approach to efficiency is what other banks try to emulate. | 2004-11-12 | |
| HOLD | | Washington Mutual Inc | WM-N | 40.060 | Has grown up very quickly in the last 10 years or so. Now trying to morph into a retail bank which has proven to be painful. Has not been able to change its cost base quick enough to handle the circumstances. | 2004-11-12 | |
| BUY | | Sunlife Financial | SLF-T | 38.300 | Probably their favourite lifeco in Canada. Will probably go on the acquisition trail in the US. | 2004-11-12 | |
| DON'T BUY | | Bank of Montreal | BMO-T | 58.050 | A good operator. Have been very slow at trying to make more of the Harris Bank business. Sees better value elsewhere. | 2004-11-12 | |
| HOLD | | National Bank of Canada | NA-T | 47.940 | Has a very strong franchise in Quebec. The management team is extremely focused on making a good return. | 2004-11-12 | |
| TOP PICK | | Willis Group Holdings Ltd. | WSH-N | 37.100 | With Eliot Spitz going after Marsh & McLennan, expects a lot of business will be turned over to this company. | 2004-11-12 | |
| TOP PICK | | Canadian Western Bank | CWB-T | 46.200 | Strong management. Took over a direct insurance business last April. Also acquired a trust. Changing from an interest driven business. | 2004-11-12 | |
| BUY | | Power Financial Corp | PWF-T | 29.830 | A strong business and with its assets it will continue to be so. | 2004-11-12 | |
| BUY | | Toronto Dominion | TD-T | 47.640 | Extremely good retail banking skills. Has a tremendous brokerage business. A good long term hold. | 2004-11-12 | |
| VAGUE | | Manulife Financial | MFC-T | 52.750 | Has a history of very strong acquisition record. Liked the John Hancock acquisition but integration will not be easy. | 2004-08-06 | |
| BUY | | Toronto Dominion | TD-T | 43.030 | Has done a good job of acquisitions, integrations and driving down costs. | 2004-08-06 | |
| BUY | | American International Group | AIG-N | 68.220 | A premium business so it warrants its premium valuation. Triple A rated. Well regarded in China. | 2004-08-06 | |
| TOP PICK | | Willis Group Holdings Ltd. | WSH-N | 33.300 | The 3rd largest insurance broker in the world. Has some special brokerage skills which is driving market share up. Very strong company. | 2004-08-06 | |
| BUY | | Sunlife Financial | SLF-T | 36.200 | Favorite in the Canadian life companies. Has a better equity kick than other life companies. | 2004-08-06 | |
| BUY | | Barclays Bank PLC | BCS-N | 37.420 | Rumors of a takeover bid by Citibank. Price is increasing on these rumors. 5% dividend. | 2004-08-06 | |
| HOLD | | Washington Mutual Inc | WM-N | 38.010 | Has made a few mistakes in its hedging policies. If 10-year treasury moves up to 5% by year-end, their results will be poor. | 2004-08-06 | |
| DON'T BUY | | New York Community Bankcor Inc. | NYB-N | 19.370 | In January/04 it raised 400 million and invested it at a 25 X rate in mortgage securities. When interest rates moved up they lost money. | 2004-08-06 | |
