There is still a huge housing bubble in western Canada, but the bulk of Canada's population doesn't live there. So while parts of the country did indeed have tremendous RE bubbles, much of Canada appreciated at rates that, while still too high, were nowhere near the ludicrousness seen across most of the US.
Thanks for the info on PNC - I'll stay away. Still hard to imagine that at this point there aren't a few solid buys. I'm just starting my own research, paying for some wouldn't be a bad idea. Sticking with my own for the time being.
Investing in banks is like stepping into a land mine field. Who knows whats "off the balance sheet". Common shareholders would certainly never find out.
You can't know, of course - all you can do is place your bets. Personally I think we're in or nearing the phase where the market has identified the weak hands, and the "getting blindsided and going to zero" risk is receding, to be replaced by "10+ years of slow/no growth" risk. Got to start putting money on the table at some point if you want to take the pot. In any case, I have 90-95% of my TLNW in cash right now, down from 99-100% before this latest flush down in the markets.
Let me ask this question: did you have any idea which of the original 13 regional banks failed? Probably not. In fact, I would guess that almost no one of Wall Street did and that's because the banks can legally hide their assets, which I think is absurd. That's a throw back to the 30's if you ask me, but my point is that I would not invest in a sector where it is legal to hide information from shareholders. Let me put it another way: almost all stock sectors have gotten bludgeoned. Why not stick with one where there is much more full disclosure and not a bunch of hidden, toxic assets on the balance sheet? Seriously, so what if you only have the opportunity for 40% growth instead of 60% or whatever numbers you pick?
Sorry - that's what I meant! No, I'm not dyslexic, although I wish I was: I'd probably be a heck of a lot smarter!
I agree time to buy when there is blood in the street. when we look back we will wonder that we can never get these stock at that price