Cardinal Update – August 2020

Strength That You Can Bank On – The current global crisis has created challenges for the broader economy, which in turn, has led to weakness in the share prices of Canadian banks. Coincidentally, Canadian bank shares recently traded down to lows last seen in the Global
Financial Crisis, which also represents the last period of great stress the Canadian banks have gone through. Despite reaching comparable valuation levels, we remain heartened by the position of strength the Canadian banks are in both on an absolute basis and in relative comparison to this period.

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