Well not quite.
I was recently interviewed by Globe and Mail. It is quite a revealing interview and at least puts a face to the name Petty Cash.
Check it out here.
follow me on twitter
- @cashwithstrings net-nets are so hard. some end up becoming wonderful businesses. others don't. selling poor busine… twitter.com/i/web/status/1… 2 days ago
- Willing to drive the Pfizer with @cdnvaluestocks to get more vaccine if that helps. Am I oversimplifying this? 2 days ago
- @lhamtil Me dropping lifting memes in the work group chat 2 days ago
-
Recent Posts
- Velan ($VLN.to) – Quick Update
- December 2020 Update – $REPH, $PSD.to, $STC.v, XTC.to, $VMD.to, $SYZ.to, $MTLO.v
- November 2020 Update – $CSW/A.to & $CSW/B.to, $OSS.v, $REPH, $PSD.to, $ISV.to $IDG.to, $STC.v, $VMD.to, $SYZ.to, $MCB.to, $FRD, $FRII.to, $MTLO.v
- Servotronics – $SVT
- Dawson Geophysical – $DWSN
Investing Sites
- Alpha Vulture
- Barel Karsan
- Battleship Investing Blog
- Canadian Value Stocks
- Divestor
- DIY Investing
- Egregiously Cheap
- Espace MicroCaps
- Fortune Financial Advisors
- Glenn Chan's Random Notes
- Grahamiam Value United States Holdings
- Harvest Investor
- Maxwell House Investing Journal
- MicroCapClub
- Mispriced Markets
- NoNameStocks
- Oddball Stocks
- OTC Adventures
- Reminiscences of a Stockblogger
- Sawbuckd
- Small Cap Discoveries
- Value Stock Geek
Archives
- AEY AKT.A ARD ATB AVE BLZ BRY CCNI CDI CLS CMI CSW CVT CWL dividend DRX DWSN EFH FES FRC FRD FTG FTP GHC GPIC HCI HF HNL HNZ-A HPOL HPS.A HWO HYD IDG INX ISDR ISV JCT KIRK LGL MCB MGO MTLO MUEL NTRI NWE OML OSS PFIE Portfolio PSD PTG PTIX PTZ RELL REPH RX SDY SMIT SO STC SUP SVT SVY SYZ URB VGL VLN VMD WJA WTA XDC XTC ZCL ZUN
Petty Cash · Value investing in Canada
Nice interview. I have read Larry’s column for years, it is nice to read a profile about someone that I actually know! Keep up the good work!
Nice.
Question though. If your worst ideas, some banks, were outside of your circle of competence, how could another bank have been your best idea?
Thanks Saj.
Some explanation is required here…
The reason the US banks were out of my circle of competence is that I didn’t understand how the great purge of their bad loans would look and what that would require from a capital standpoint. It seems that they were still waiting for all the cockroaches to emerge while hoping there wasn’t going to be the need to raise capital from a regulatory standpoint. It didn’t help that I knew nothing about their local retail presence. What I am trying to say is that I lacked the understanding of the drivers for each individual bank.
For CWB… I can tell you that according to a few ratios they are among the best (if not the best) bank in Canada. That’s still not enough to take the large position though. I have a few friends that work for the bank who speak highly of the banks discipline. Though many Canadians feel that our bank executives were “better” or “smarter” than their counterparts south of the border, I think that is complacency. They were/are forced to act smarter thanks to our regulators. When our real estate market turns we will see who is swimming naked in Canada. Though I think the ramifications won’t be as harsh on the balance sheets of the banks in Canada as they were in the US. CWB was still growing the deposit base through the recession, and has a great culture. So the investment made sense.
Hope this clarifies some things.
Dean