As reported in the Globe and Mail:
Whether measured by market value, balance sheet strength or profitability, Canada's banks are rising to the top.
As a group, the banks' shares are down almost 50 per cent since Aug. 1, 2007, with most of the decline in the past six months as the economy worsened.
More writedowns are likely in store for banks such as Toronto-Dominion Bank and Royal Bank of Canada, both of which made big acquisitions in recent years that now look overpriced.
Check out CIBC's Return on Assets for Q1 (Jan 09) = 0.17%
C'est Formidable! Let's buy these banks with ROA a hair's width from zero!
Of course, there is an alternatives in financials:
That's right - U.S. Banks!
Or even better....
European Banks! They will shelter our money from the current financial storm!