Cardinal Update – June 2018

THE CANADIAN BANKS – The Canadian banks have been consistent operators over the last several years, (even through a severe oil and gas downturn) yet remain largely underappreciated. This is partly attributable to the media’s focus on the slowdown in Canadian housing, due in part to new mortgage rules and high consumer leverage, and the potential concerns these raise for the banks. With the Canadian banks having recently completed another quarterly reporting season, it is worthwhile to look at the data points that help to assess the concerns, as well as some broader trends supporting the investment thesis.

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