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Two words: moral hazard. Not good. Banks operate in the private sector and earn profits for their shareholders. They operate under a social and regulatory license to provide safe and stable banking. They should be able to do that without the government backstopping depositors. Otherwise, it encourages undue risk-taking. Regulators do whatever it takes to shore up confidence in the banking system, but you wouldn't want to see a habit being made of it.

For banks, the #1 assets on their balance sheets are the goodwill and trust they have with their customers. If they lose that, they can't continue to operate even for a single day, as SVB and Signature found out the hard way. When a bank experiences a liquidity issue, there are measures that regulators can and should take to alleviate that short-term stress. But if there's a solvency issue, that's another matter altogether. 

Yes. Increasingly, little banks and credit unions can't compete with the technology required. But huge mega-cap, global, systemically important banks can. That's why the big banks are getting bigger and the small ones are losing market share. The tremendous profits that the banks earn are the price we pay for a more stable and secure banking system, which is an important pillar for the economy to grow and flourish. We're quite fortunate that Canadian banking has a model for the world to emulate. Our banks have better management, better competitive positions, and better government regulation than both the US and European banks.

They remain too rosy, shaking off economic headwinds. History shows that banking tremors can create credit contraction, which ripples through and has a slowing effect on the real economy.

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.

Parabolic during pandemic. Mighty fall from grace. Better ways to capitalize on secular growth of payment solutions. Not profitable, no real earnings or cashflow. Not what you want in a slowing economy.

Stay clear. Better financial shape than previously, but still very highly leveraged. B-rated credit, which is deep into junk. There will be a reckoning when they come to refinance. High beta. Cyclical. Business travel won't be the way it was. Consumers tightening belts will dampen demand. Intense competition.

Pleased by approval of KSU acquisition. Shares popped last week. Synergies. Longer term, this completes its network nicely, right into the industrial heartland of Mexico. Even more important with de-globalization and near-shoring. An industrial, but one that tends to fare well in difficult economic times. Buy, hold, and keep.

Big, diversified manufacturing conglomerate. Safety, industrial, transportation applications. Terrible chart, losing money. Paltry 10-year return is only from the dividend. Balance sheet strong, dividend not at risk. A show-me story. Stay on the sidelines.

Be mindful of the environment you're operating in. There are times in market conditions where a rising tide lifts all boats, but this is not one of them. Don't stick your neck out and buy a stock with a chart like a ski slope, and 15-16 Holds or Sells and one very lonely Buy. You can like a stock, but you have to be macro-savvy and pay attention to the environment.

He's been watching it, as it's regained momentum. Streamlined from its legacy business, now focused entirely on private aircraft. Business prospects are getting better. Private aircraft are big-ticket, discretionary. Order book could get cold if corporate profits decline. Facts have changed, he's changed his mind, and the company is now investment-grade at least.