Royal Bank (RY.TO)

Underwhelmed this past year. Should continue to grow at high single-digit pace. Dominant commercial and personal franchises in Canada, good footprint in US, large capital markets business, leading wealth management. Great core holding.

A major position of his. It has regained its premium valuation at 1.9x book. Dividend pays below 4%. A very stable, well-diversified bank (commercials and consumer segments). That said, a few other names offer slightly better value like BNS and CIBC.

He likes Canadian banks, which are safer than American ones (more regulation here). Good retail banking in Canada, but are big in asset management and investment banking. Will continue to do well. PE is reasonable and pay good dividends that continue to rise.

Very well run. In terms of value, his preference is to go with BNS or TD, as you'll get comparable earnings growth and more on the multiple. See his Top Picks. Don't add today, based on valuation.

Dividend yield is pretty good at 4.1%, and it's grown at an 8% compound pace over the last 10 years. Leading personal and commercial banking franchise in Canada. Big presence in US. Should benefit from skittish deposits in Silicon Valley. Top 10 global e-capital markets business. 12% compounded shareholder return over a decade, sees more ahead.

800-pound gorilla, dominant bank in Canada. Until today, it's share price has held up the best. It will come back, but it's up to you whether you want to catch the falling knife today. Canadian banks are a protected species. He's not sure there are going to be the anticipated loan losses. 

Doesn't own any Canadian banks. Scale advantage, favourable regulatory environment. Further competition in the space erodes their moat. If he were to own any banks, the two that stood out when he reviewed their financials 3 years ago were TD and RY.