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Hard to look at any of the banks trading at 20-year-high valuations when we have a weakening economy. Something has to give, and she thinks it'll come off the bank stocks. Capital markets and wealth management have been the real drivers. People look at banks as bellwethers for the economy; if the banks are doing well, the economy must be doing well. She doesn't feel that way.

At the end of the day, they'll do well because of their oligopoly position. Underlying businesses are OK. She's just not comfortable buying at these valuations. If we get a correction to our economy, the banks will be the first ones hit.

Was hit yesterday after their forecast disappointed and hit today after Musk said he would buy his GPUs from Nvidia, not AMD. AMD remains a solid business with shares up 125% year to date (Nvidia only 17.5%). AMD is run by an amazing CEO.

The banks aren't big players in the oil patch either. Average size of a Big 6 bank energy fund is $139M, average exposure to Canadian energy is only 27%. The bulk of them are invested in gold super majors and the big 6 Canadian energy names. 

No one's looking at the tier below the $10B mark, and that's what his new ETF (COIL) is trying to take advantage of.

Yes, the PEs are very high and the dividends are very low historically. Any blip in the economy or credit could mean earnings will take a beating. There's little margin of safety on the earnings. Take profits on the banks if you're collecting a huge profit. He doesn't own the Canadian banks now. How much can earnings growth in this Canadian economy?

Was up 23.9% last month. Medtech has slumped for a while, but is rallying now as investors look for tech growth outside AI stocks. They reported a good quarter last week. Wished the PE were lower.