rickschlosser

Don't disagree with your post....but I would argue that TD and BMO, although trading at well over book, are probably worth well over book, given their track record (especially TD) of being able to fairly consistently earn a mid teen's (or higher) ROE on that book.

We can debate just what TD/ BMO are worth, but if they can continue to earn a 15% plus ROE, even in a much higher interest rate environment, they are worth a lot more than book.  Given Buffett's fondness for WFC (not exactly a low PE/low P/Book bank), I suspect that he would concur.