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Gold/Mining/Energy : TD - Toronto Dominion Bank -- Ignore unavailable to you. Want to Upgrade?

To: Paul Butler who wrote (309)	8/9/1999 1:19:00 PM
From: Robert	Respond to of 358

The banks in Canada trade at a PE multiple of 11 or 12, and that is the figure to compare. The banks acquisition of CT is in part related to increasing their retail banking component. They specifically do not want their share price tied to the volatility of Waterhouse. CT will give them what they desire, since they have been making $400M on their retail side. The move to longer hours is a sign that this is their vision. Ironically, it is a complete reversal of policy, since they have been cutting hours and branches over the past couple of years. This is obviously seen as a mistake. The interest fears and acquisition will likely affect the stock short term, but longer term, I think it will improve. They are going to raise capital through a new share offering, and I can't see them doing it at current prices.....Robert

To: Paul Butler who wrote (309)	8/9/1999 6:17:00 PM
From: Robert	Read Replies (1) \| Respond to of 358

As a postscript: If TD bank drops to $20, I will buy on the order of 2500 to 3000 shares. The price action in the stock is obscene. There is no indication that they aren't going to continue to make over $1B per year for the next several years....IMO this is all orchestrated by analysts who want to see the market switch to the beaten up resource sector. They are basing this on inprovements in Asia. There is no way Asia is going to improve if interest rates rise. The whole thing is market sentiment, and has nothing to do with fundamentals.....Robert