Yup. As I keep saying, growth stocks will be riskier than ever this year and in 2023.
Well, people have been calling me nuts when I told them I have more than 90% bank stocks in my portfolio....,,
As always, it's hard to predict. I prefer to hold bank stocks when they are more expensive, and buy them when they are on sale, which comes around every couple of years. My last bank purchases were in 2020; BMO at $63, BNS at $50, CIBC at $78, RY at $87. So while I might not buy BNS at $93 today, I am not really interested in selling, because you just never know when to get back in. What if it drops to $80, and you think "I'll wait for $75", and it goes to $100? Whoops.
Just to nitpick, if you are going to ask if banks are making double earnings because their share price has doubled from their lows during the pandemic, you also need to ask if banks made 40% less when their share price dropped correspondingly from their pre-pandemic price levels.