I generally agree with you on the slow & steady side such as TD (not CIBC). However, they should be aggressive (such as M&A) when they should be (such as TD Bank North, Ameritrade, etc…). Look at BAC (we own BAC, big losses since Oct 2007, but we just kept buying more, partially dividends play too), they kept buying Countrywide or MER even in tough times, for LONG TERM.

On our side, nobody does anything, and sadly this is how Canadian economy is – gentle, slow, do nothing as we generally have no competitions (especially in banking), that is part of the reason they didn’t suffer as bad as US counterparts. Unfortunately, they won’t succeed as well as them either

Berkshire is a perfect example, slow, steady, yet decisive at critical times to buy, and history has proved it works!