I have updated the composition of my own portfolio. For this update I included an explanation of why I like to track the P/E ratio and earnings of my overall portfolio. I had started doing that years ago based on some advice I read from Warren Buffett. Later I could not find where he had said that. Recently I was re-reading his old annual letters and came across the advice in his 1991 letter.
My own portfolio gain for 2014 is still good at 10.2% despite the recent declines in Melcor which is my largest position.
On Friday the S&P 500 gained 0.2% and Toronto was about flat.
Most of our stocks rose but Canadian Western Bank fell another 2.2%. I think that is a buying opportunity. However, I have always said that banks can be risky. They operate with extreme financial leverage. At the same time a well managed bank is an earnings generating machine most of the time. In the past when Canadian Western was hammered down to low prices on fears of loan losses, those losses did not appear and the stock recovered. At this time the fears may involve both lower growth (which is certainly quite possible, even probable) and higher loan losses (which is possible but perhaps not probable to any great degree). Time will tell.