Banks Are the Most Expensive They've Been in 16 Years

August 5, 2026Written from published researchFull text opens September 4, 2026

105 banks, every major market. Canada is the priciest. And what buying high in banks historically has cost investors.

If you’re trying to read about AI, then as Eddie Vedder would say, this is not for you.

If, however, you’re interested in learning about the global bank stock universe, then you’ve found your happy place.

I did have time to write a shorter letter so I will keep it to the point here.

Opens September 4, 2026

The rest of this essay opens here on September 4, 2026.

This essay publishes in full to everyone on September 4, 2026. It is a scheduled release, not a sign-in wall, so there is nothing to unlock here. The research it was written from is in the Terminal now.

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The rest of this essay opens here on September 4, 2026.

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