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We think the risk of “domino effects” between financial institutions is low given the backstop of the US government. Most names in the Financial sector are now quite attractively priced. We think the asset managers could do well in the next few years as the Fed stops hiking interest rates. Although things could change, we think the current drawdown should not be concerning for long-term investors. 
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STEP is down 35% this year, but up 59% in 52-weeks. 
Profit taking is probably part of the issue here. It did beat estimates in the 4Q, but the sector has been quite weak, and the company has recently seen two downgrades by brokers. 
EPS is supposed to show very little growth in 2023 before recovering somewhat in 2024. 
The drop does seem a bit much based on recent results and considering the very low valuation.  

 GSY has much shorter liabilities (loans) than banks, and a different funding base. 
Its funding may slow down or cost more if investors get nervous in general, but it can't really experience a 'run' on current funding like a small bank can. 
It is not risk-free and the sector in general is under siege, but we have no reason to expect any additional issues here.  
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Advantage of DIY Investor: It’s okay to do nothing. Over-activity is the enemy of performance; not only does frequent trading rack up fees, it often has negative tax implications and, most importantly, exposes the investor to more situations in which to fall prey to behavioural errors. There are three reasons professional investors fall prey to over-activity: first, they are compelled to act by constant awareness of market volatility and financial news-feeds; second, inactivity may be misconstrued as incompetence by peers and superiors; third, it is difficult to justify high fees by doing less, even when it is the right thing to do. DIY investors, on the other hand, have the liberating ability to make evidence-based long- term investment decisions, then leave those accounts alone. As Buffet has said, “The stock market is designed to transfer money from the active to the patient.” 

Silicon Valley Bank could be the first chapter of an ugly story for the regional banking industry. Its failure could cause confidence problems in some regional banks with corporations pulling back from the extra yield and putting money in the safer major banks like JP Morgan even though the interest rate is less. However this is nothing like the financial crisis of 2008. The large central banks are in excellent shape with much stronger regulation than the regional banks. TD is under some pressure because of its ownership of Schwab, but there is no need to worry since it is one of the top U.S. banks and in great financial shape. The situation with SVB could make one re-think the whole industry.

A lot of corporations and sectors are already reflecting the higher cost of borrowing and one outcome might be the Fed slowing down the pace of rate increases. This would be positive for the markets. The market expects rate increases and the economy to slow down so there are a lot attractively priced stocks now.

It made a lot of deals where buses were sold at fixed prices but its costs are higher now due to supply chain issues. The company will survive but has to re-negotiate with its banks, which is always painful. It is a good company in a bad situation, therefore look elsewhere.

It pays a 7% dividend but has incredible competition in the U.S. With only 1 to 2% revenue growth, look elsewhere. The sector is better in Canada.

It is the premier property casualty company in the U.S. Over the past decade it has had double digit dividend growth, huge share buybacks, great cash flow and a very disciplined approach. It is an incredible asset allocator and also cheap. Its 3 1/2% dividend could double over time. The stock is down a little due to supply chain issues which increases the costs to fix houses and cars, but these issues are temporary. An app that tracks driving habits can give the client a discount but it gives the company a strong picture of those habits.

He owns the five Canadian big banks. Although new mortgages will be down he is not particularly concerned about it. TD is more of a retail bank which is good in these times. Also it is one of the top ten banks in the U.S.

Its only attraction is a dividend yield of 8%. It made a bad acquisition and has under-performed the food and tobacco industry.

The question was on both CN and CP He owns and likes both. Although they are economically sensitive, rail is the cheapest mode of transportation for a number of goods and they are well positioned. CP has entered into an agreement to acquire Kansas City Southern and would become the only railway with lines through all three of Canada, the U.S. and Mexico.

The people running it are very bright and are great at creating shareholder value. They are masters at buying up and using debt. They had two defaults on holdings in California but they knew what they were doing and it was not a problem for them financially.

The whole drug industry has been under pressure for the past 30 years and is having more and more trouble coming up with new drugs. R&D costs are increasing so he doesn't like the pharmaceutical industry in general. In response to a question regarding the currency component he doesn't feel it is an issue.

It has always been over-leveraged and is still that way today. It has had to dump positions just to stay afloat. It is in a decent place with the jet business but not enough to warrant buying it.