The Globe and Mail reports in its Friday edition that Canadian bank stock valuations are in the stratosphere, but for now, most investors are taking the wild ride in stride. The Globe's Jason Kirby writes that measured against expected earnings over the next 12 months, the average Big Six bank price-to-earnings ratio sits at close to 16.5, well above the two-decade average of 11. The extended rally has been powered in part by the banks' fat bottom lines. Despite an onslaught of competition from fintechs and a sluggish economy slammed by tariff uncertainty, the banking oligopoly has continued to churn out the profits. That's helped Canada's banks outperform U.S. big tech handily. Over the past year, the S&P/TSX Banking Index has climbed by 64 per cent, after adjusting for currency, roughly three times faster than that of the Roundhill Magnificent Seven ETF. Money managers are divided over how far the rally can go. In a recent survey of global fund managers by Scotiabank's Hugo Ste-Marie, 42 per cent said they had reduced their exposure to Canadian banks, while 58 per cent were holding for further gains. Ten years ago, "short Canada" was an investment strategy, betting against the banks. That one didn't work out well.