EXIT LAURENTIAN BANK AT $39.85 (LB-T)

JUSTIFICATION: Laurentian Bank announced a negative quarter due to higher provisions for bad debts and lower loan volumes. Our rule is to exit from any stock when the Trailing Twelve Months Earnings has 2 consecutive declining quarters. This is never a good sign, but we must stay disciplined and follow our plan. We had originally bought this stock in March 2018 at $49.12. DESCRIPTION: Laurentian Bank provides financial services across Canada. It operates through the following segments Personal and Commercial; B2B Bank; Laurentian Bank Securities and Capital Markets; and Other.