The Financial Post reports in its Friday, Dec. 12, edition that Gluskin, Sheff + Associates economist David Rosenberg says Canada's banks are trading 30 per cent below the S&P/TSX composite index on a trailing price-to-earnings basis and are also trading at a discount to United States banks based on the same metric. The Post's David Pett writes in the Trading Desk column that Mr. Rosenberg says, "For the Canadian banks, the baby has been thrown out [with] the bathwater with this latest market sell-off, and it may be time to start getting our feet wet and add in more exposure." Mr. Rosenberg notes that Canada's banks offer a 100-basis-point premium on the dividend yield to the TSX and a 150 basis-point premium over 10-year Government of Canada bonds. Mr. Rosenberg says the only other time this combination occurred in the past 15 years was in August/September of 2012, and that was followed by a period of outperformance by the banks. In particular, the group produced a net return of 4.6 per cent over the next three months, while the TSX gained 0.9 per cent and a one-year return of 13.4 per cent compared with 3.8 per cent. Mr. Rosenberg says, "I sense there may be a buying opportunity here."