Canadian Imperial Bank of Commerce (CM.TO)

The chart shows a V-shaped recovery since April's tariff worries. In Canada, interest rates have been cut aggressively, so the Canadian banks have skated through. Wealth management divisions are strong. Loan loss provisions are down. NA and RY are the best, but CM and BMO are reporting much better earnings, which catches his attention.

Great performer. CEO retiring. Pretty good momentum. Likes the path they're on, brand has been revived. Question on Canadian consumer and credit, along with upcoming mortgage renewals. Cautious on all banks. Wait for a better entry point.

Owns it in his firm's dividend model. Doesn't expect a stock split, as banks have abandoned the old rule of thumb to split once stock reaches $100. 

We now have an understanding that tariffs will be 35%, which will cause some havoc importing our goods into the US. But can Mark Carney grow Canada by continuing to reduce barriers and by seeing some growth between provinces? If yes, then banks in general are primed to do quite well going forward. They'll be supplying the funding for companies, infrastructure, etc.

Was undervalued, now valuation's getting stretched. 

Is one of his largest bank holdings and still likes it. Their exposure to tariffs is middling, not a huge factor for them. Their PE has sneaked into the higher half of bank valuations, but remains and will likely remain one of his top holdings.

Used to have a habit of running into sharp objects, but CEO has turned this around. Warrants consideration. Great domestic personal and commercial business, capital markets, and wealth management. Modest presence in US, and has stayed out of trouble there.

If you already own NA and RY, consider TD or BMO before this one. But if you're going to add 2 more banks to your portfolio, no quarrels with adding this one.

Taking less on credit provisions than other banks. Positive: credit situation better than others. Negative: taking more risk and, if wrong, stock would be penalized. Canada-centric. Exposed to residential mortgages and commercial real estate in Canada; two iffy sectors, but doing better than expected. Good earnings and good asset management. 

Don't sell. Trading more cheaply than RY. RY commands a premium price for a premium asset.

It was undervalued, forgotten. Management has done a great job. Shares remain cheap as it pays a 4% dividend. Still likes it and would buy it now.

Taking some profit in the past 2 days as a short-term call coming into earnings. Bank valuations are at high end of traditional range. Concerned about earnings growth going forward. Canadian economy has issues. 

Make sure it stays above $86. A range of $5 is not going to break the bank ;)  But $86 is where you might want to start trimming and looking at some of the underperforming banks such as TD. He can't imagine TD will stay in its current situation forever. This strategy will also add to your diversification. But be cautious selling, because it's on a nice upswing.

This type of stock is not going to drop from $91 to $50 on a single announcement, it's a lot more predictable than that.

If you're in a bull market, you want to own the strongest stocks you can find. He prefers "good, getting better", some kind of positive change that could add to the valuation, and where other people agree with him. He owns RY, CM, and NA; firing on all cylinders.

A leader in the group, stick with it.

It's been at a discount from all its peers but that is eroding due to them beating earnings. His preferred Canadian bank.

Hesitant on Canadian banking space in general. Mortgage reset date of 2025 hasn't happened yet, with its impact on consumer. Bulk of the bad news hasn't been taken into consideration yet. 

Market bias toward domestic-centric banks right now, so they're doing well. If she had to pick a Canadian-centred bank, she'd pick this one.