The Toronto-Dominion Bank

Several cases can be made for buying what seem to be fairly valued high-quality stocks.

Nothing in the results materially changes our valuations.

Small-cap Medalist fund managers discuss the rise of strategic beta, the move to passive, small-cap moats, and opportunities today.

CIBC is the most exposed bank to the lofty Canadian housing market, but we think there is enough margin of safety in its shares today to compensate for the risks.

We think the potential losses are manageable for most of the U.S., Canadian, and European banks we cover.

One consequence of near-term rate stabilization is the need for banks to cut operational costs in order to increase earnings.

Generally overblown fears of energy-related credit losses, global deflation, and potential interbank contagion are increasingly weighing on the sector.

The Department of Labor's proposed rule could affect around $3 trillion of client assets and $19 billion of revenue at full-service wealth management firms.

The long term still matters more than the short term to our valuations.

Investors see banking crises as the result of extraordinary circumstances--chiefly, unforeseeable economic shocks. We disagree.

Each has its own niche in the overall banking landscape, both in Canada and abroad.

Interest-rate fears bring utility and real estate valuations in line, but the broader market still looks fully valued.

We've undertaken a more detailed analysis of the systems in which banks operate and the 'moatiness' of their fee-earning businesses.

We recently upgraded a few banks and enterprise software firms to wide moat status, and raised our fair value estimates on health-care REITs.

Bargains are still hard to find in financial services, as the U.S. mortgage market is stuck in limbo and housing bubble concerns rise in Canada.

Corporate bond trading activity was relatively light as many investors decided to wait for the calendar to build this week as reporting season ramps up.

Interest rates have declined since the Fed announced it was holding its bond-buying program steady and will probably continue to trend lower in the near term.

Portfolio managers are hoarding their cash balances as they keep powder dry to participate in Verizon's massive upcoming debt issuance following its buyout of Vodafone's wireless stake.

Strong average loan/value ratios may not fully protect the country's banks.

The longer that interest rates and credit spreads continue to generate historically low all-in yields, the more asset managers will stray from their traditional investment allocations.