CIBC tse/cm Message Board

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Gold/Mining/Energy : CIBC tse/cm

CM 86.58

+1.6%

Dec 2 3:59 PM EST

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To: mary bart who wrote (130)	5/14/1999 12:35:00 PM
From: SofaSpud	Read Replies (1) of 147

CIBC trades at a discount to its peers. Earnings have tended to be more volatile than the others, give a greater reliance on capital markets. That, of course, cuts both ways -- in '97 it was a very good thing; in '98 it wasn't so good. The new CEO is making the right noises about making earnings more predictable, reducing volatility. The Oppenheimer acquisition could turn out to be for CIBC what Waterhouse was to TD, so it's potentially a very strong positive. I don't claim any great insights as to how good an investment this is. Will the discount go away? If so, then you'll make a nice return. I'm into TD as well, so I've got stuff at both ends -- TD trading at a premium to the group. My instinct is to be a value player, and move more into CIBC in the hope that management proves worthy of a market multiple (or better). But the market over the last few years has stayed with winners; TD is something of a momentum play. Bottom line -- beats me!

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