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He targets the S&P at slightly above 5,100, the highest target on the street. He is optimistic about markets. That target is based on 4.5x adjusted book value, the peak valuation of the market in 2000, hitting that peak three times until the market declined. Meanwhile, extremely valued companies began tumbling, but the wider bear market didn't happened until 2001. This could happen again. The TSX is stunningly cheaper than the S&P based on book value. The TSX has quite a way to run, because the banks have huge upside. Bank earnings: At least two quarters will see those loan loss provisions will flow back into Canadian bank earnings, which will allow the banks to raise dividends, which had been frozen during the lockdown as a precaution. The bank stocks have done well, but well short of historic average highs (by valuation).

Merging with Roxgold That acquisition was unpopular with FVI shareholders, but it nicely adds gold to FVI and exposes them to the Ivory Coast of Roxgold's mine. The fair market value is much higher than current stock levels.

Threats from cryptos? Before cryptos have any impact on Visa, remember that Visa offers total safety in transactions. This and MA-N won't be displaced and if so, not very much. Both credit card stocks are very expensive, 50% overvalued. If there's a bear market, Visa will tumble.