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Gold/Mining/Energy : CIBC tse/cm
CM 92.86+0.2%Dec 12 9:30 AM EST
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To: Barron Von Hymen who wrote (60)2/25/1998 6:02:00 PM
From: SofaSpud  Read Replies (3) of 147
 
Hard to know what to do. Gordon Capital says the banks are fully valued at these levels. Sartz just said (Investor's Digest Feb. 27) that he rates CIBC as a sell:
"The senior management in banks could teach sheep how to follow the herd. We're sure that management and directors of CIBC are probably seething over the fact that if the Royal-Montreal merger proceeds, not only will CIBC be the second-largest bank in Canada, but a distant second.

"They won't stand for it, and will be desperately courting the two smaller banks. Thus, we would own the TD Bank and Bank of Nova Scotia, and avoid CIBC."

I don't know. Two years ago there were people saying the banks were a sell (and what was CIBC then, about $20?). Following that advice would have been the surest way to underperform the market. I suppose the banks have to go through a period of underperformance again, but what's to say it's going to start now?
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