We sold TD after holding it for 30 years: Cardinal Capital Management

Evan Mancer, president and chief investment officer of Cardinal Capital Management, joins BNN Bloomberg to share his outlook on the market as well as his thoughts on the TD Bank situation.
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[@ChloeCarter-kd7gz]

The distress for banks was a farce; what we have experienced in the past 2 years is a result of a system that has worked incredibly well. The Fed just had to tighten credit to cool the economy.

[@AshleyKeith-vw7ws]

What about the Fed lending program for banks that was said to ease financial tensions after the domino effect from Signature and Silicon Valley bank?

[@ChloeCarter-kd7gz]

@@AshleyKeith-vw7ws Yeah, that sufficed, but what really helped the economy was rising immigration that helped even out the mismatch between open jobs and people looking for work.

[@JessicaKeith-uj1jq]

I agree. Rising productivity is manna for central banks, allowing faster growth without inflation because each hour of work yields more goods and services at the same cost.

[@HRMColoniallifeinsurance]

I’m indifferent. All I really do care about is what assets and securities will drive the Santa Rally? It is upon us, folks. I have a $100k portfolio, and I have a friend who has grown theirs to over 30% with the recent rallies. He is up 4% this month alone!

[@ChloeCarter-kd7gz]

I might sell to the tune, but not without the approval of my broker as usual since 2022. With eyes and ears on Wall Street, I have raked in 140% on a managed portfolio currently worth $315k run under a hedge fund by Desiree Ruth Hoffman.

[@ShamileII]

US investor here still adding to my TD position in this rare weakness .

[@Iliinois18]

With all the fentanyl deaths going on great job...

[@billcarruth8122]

I think adding is a good move. Every large institution is going to have occasional problems. This isn't something TD can't solve. It's a good opportunity for them to seal up the cracks, and like you said for us to buy some on the perceived weakness.

[@kaizokud42]

TD is also the leading Canada bank. It is not going away

[@Iliinois18]

Ya who cares about ongoing criminal behavior or freezing people accounts....

[@Petefenlon]

TD bots going strong on this one 😂 Check out the user's comments. All TD related. Money laundering and bots spamming. Great signs that TD is going strong...

[@hchalz]

I wouldn't worry too much. The entire Canada survives on money laundering. Why do you think housing is so expensive in Canada? If TD is in real trouble, Freeland will quickly introduce a TD tax and support TD

[@Tomyum19]

That’s really funny

[@Matt-YT]

5+% of the Canadian economy is money laundering. Canadian banks must be involved

[@babelfishdude]

Well.. It is a growth industry. US Banks do guns, legally of course.

[@jitheshl7037]

True . As far as Canada business doesn't come under scrutiny TD is safe. Their CEO said we failed in identifying this. You have been failing for years in Canada and don't tell you are not aware of how this. The email is just a publicity stunt.

[@parkerbohnn]

@@jitheshl7037 Conrad Black was busted by the Americans. The same thing will happen to the Canadian banks. The Americans will bust all of them just like Conrad Black was busted.

[@Xalta_Sailor]

Was a TD investor and client for decades. Moved out of the country and had to start dealing with TD ancient internal systems for administration- so sold all my shares and closed all my accounts. It is a big world out there and you don’t need to be part of this oligopoly.

[@hockeyzythebest]

Which bank do you use instead?

[@Xalta_Sailor]

@@hockeyzythebest still haven’t found a good one. Mainly UBS out of Switzerland now.

[@magen-b7n]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.,,

[@svenhodaka9145]

Thanks, I just bought your shares. “Be greedy when others are fearful” a famous investor once said 😉. 📈

[@beri232]

My favourite duo of “famous investors”! 👍🏼👍🏼

[@beri232]

….. I bought some too! Lol

[@Soohoo-rv3sn]

It's barely down tho, way too early to be greedy

[@beri232]

@@Soohoo-rv3sn I agree.

[@svenhodaka9145]

@@Soohoo-rv3sn True, TD share price is ripe for the accumulate phase. “In the short term the market is a voting machine, in the long term it’s a weighing machine”, said a famous investor 🤔.

[@ginor8416]

I hope TD goes lower so I can buy more. News flash, all banks launder fentanyl money

[@mattsmith5856]

Why’s he on BNN talking about this. What’s his motivation?

[@oldschoolben438]

I have the same question, and his explanation is not very convincing to me.

[@JohnDoe-gg6kc]

He wants to rebuy it 10 dollars cheeper

[@TheWaross]

Took a small 1 billion $ short position aim guessing 😂 "GO LOWER"

[@_starhelix]

I don’t get it, so they sold the entire position over a few employees committing foul play, and also selling it because of weakness in US regulator confidence over the Horizon deal? Seems they know more than they’re letting on or it’s the top blooper of his career.

[@rochester3]

Td makes 14 billion in a quarter what’s 2 billion fine?

[@oldschoolben438]

Yup

[@davemacdonald1932]

Sold at an all time low? I think the ML issue is baked in and you just decided to pay for it.

[@dirtlump]

Smart move.... I've been quietly rebalancing away from Canadian Banks in general for awhile now..... very simply because the coming Mortgage renewal crisis isn't going to end well.... Full Stop !

[@2002S40]

Good that you think that way, so you could help knock their price down for sales.😅

[@chrisskyllas1309]

Bold move to bet against the house. Most banks will allow to re-amortize back up to 25 or 30 years, there will be defaults for sure but at a manageable level the banks have already setup PCLs for. Unless speculating short term, selling now will likely be a bad move for the long term investor. I believe TD is the rare opportunity for the long term investor.

[@darleneonischuk4758]

He’s probably shorting it

[@billcarruth8122]

TD is solid. Every large company is going to have issues from time to time. This isn't something TD can't solve. If the funds they allocated for US expansion do end up being used for buybacks then expect some nice share price rewards.

[@rochester3]

2 billion fine is noting for a company making 14 billion a quarter

[@WildDisease72]

TD Bank has Chinese hands in pockets

[@oldschoolben438]

His explanation for unloading a stock they held for 30 years was entirely unconvincing. What does he know?

[@parkerbohnn]

The U.S. stock market today is the most overvalued in all of history Einstein. Just look up the P/E ratios and forward P/E ratios. Maybe he knows a lot more than you do.

[@oldschoolben438]

@@parkerbohnn this literally applies to the entire banking sector and all of tech Einstein. This wasn’t his explanation, it was all about the investigation. Why is he selling TD specifically?

[@parkerbohnn]

@@oldschoolben438 You don't seem to get the gist of it. You buy when the stock market is undervalued but today the U.S. stock market is the most overvalued in all of history. When the U.S. stock market falls it normally takes down all the worldwide stock market indexes.

[@jordynh4633]

TD is Canadian company​@@parkerbohnn

[@oldschoolben438]

@@parkerbohnn then why isn’t he unloading his entire portfolio and instead talking about the investigation against TD? Why isn’t he unloading his other bank holdings?

[@josed3265]

Management change is much needed to turn the page, solve the problem, and move on

[@Soohoo-rv3sn]

TD is barely down since the money laundering thing... it's too early to be greedy imo

[@fishinfrenzy2544]

It’s lost 10billion in market cap because they may be fined up to 2billion I see that as an opportunity

[@nikmohamed5906]

05:44 when she asked him "Are you subscribing to the cockroach theory" loll

[@compoundingloonies]

Bullish on TD. This guy sounds like he is shorting it lol

[@Roguerebel297]

For the algorithm! Let’s drop TD to teach them a lesson like loblaws! For real though I think there’s a case of this in the states as well so TDs troubles are far from over I suspect

[@vladnovikov4483]

Sure, I will be buying on the other side of the deal.

[@kimchan7189]

This is a stupid decision. I would not have these guys to manage my money. Stay away from these people and stick with td.

[@parkerbohnn]

The summer of 1929 looked like the buying opportunity of a lifetime compared to the valuations of U.S. stocks today. People make such stupid comments without even looking up the cold hard facts first.

[@isocrate27]

Your decision was essentially based on conservative morals, not on logics. Financially speaking, it was a stupid decision.

[@gmarks1559]

TD is rallying bigly, good call 😂😂😂.

[@fishinfrenzy2544]

All banks launder money🤣 it’s a buying opportunity

[@mrbbqlvr4274]

Toxic!

[@Sarbpreet-b1e]

Justin is e Risk

[@rony9747]

Lol thanks for your shares 😬

[@anatoly8018]

It's time to buy gentlemen. This is capitulation. These clowns will buy nvda that will go down in the future.

[@parkerbohnn]

All the money will flow out of the U.S. stock market and into gold. Always look for alternate investments when something is the most overvalued in all of history. Money will flow somewhere and likely out of stocks and into gold.

[@nucleardog6675]

That is exactly what I thought when he said the capital was re deployed lol.

[@RosnizambinmdkassimRosnizam]

Rosnizam bin mdkassim

[@jamesduncan915]

He looks like a guy that just got a pile of BTC

[@orpheus3357]

Leaving me holding your bags smh lol

[@dougiep2769]

Td management team needs to be treated like the common criminals they are.. till that happens i woukdnt touch it. Apparently share holders are gonna pay for management crimes

[@andymcmeekin2532]

These guys want to buy more shares I guess

[@grossearwax3777]

clowns, selling when everyone is selling, should be buying more right now,

[@mikeb5664]

I don't care what anyone else does.

[@Heartadia]

boomers are cashing out! never bet against the house.

[@tonypointer7026]

China owns then now I think explains it all

[@DashCamera]

30years ha… how much tax cost over 30 years …. 😊

[@2002S40]

So he dumped the shares off before Trudope's new robbery scheme takes effect😅

[@TheJoeMoneyShow]

Dumb move

[@B_knows_A_R_D-xh5lo]

0:06 TD is okay!! 🤑🤑🤑🤑🤑🤑🤑🤑🤑 hold TD most banks is not uh 0:34 0:34 on level of Td bank 0:49 is uh to okay 1:00 💰🤑💰🤑💰🤑💰🤑💰🤑💰🤑💰🤑💰