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Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,207,809,724
Close 2015-08-26 C$ 58.50
Market Cap C$ 70,656,868,854
Recent Sedar Documents

Globe says Mohan still bearish on Big Six banks

2015-08-27 07:14 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce

The Globe and Mail reports in its Thursday, Aug. 27, edition that the man who shorted Canada is as pessimistic as ever about the country's prospects. The Globe's Sean Silcoff writes in the Streetwise column that Vijai Mohan, in fact, foresees a downturn for Canada that could rival the early 1990s recession in its severity. In April, 2013, his San Francisco-based hedge fund, Hyphen Partners LP, had made a big bet against the Canadian economy, amassing short positions against bank shares and the loonie, betting their value would fall sharply. At the time, he was an outlier, although others joined the "Sell Canada" bandwagon. Now, with oil prices and bank shares in a downdraft, the economy potentially in recession and global stock markets doing the funky chicken led by China, Mr. Mohan's view has not changed. If anything, his outlook is darker. "I'm more convinced this is the beginning rather than the end" of bad news for the Canadian economy, he warned. "You could be set up for a very nasty downturn" akin to the early nineties recession. Mr. Mohan argues the Canadian economy is much more leveraged to housing than the United States was in 2006, prior to the subprime mortgage meltdown.

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