The Globe and Mail reports in its Saturday edition that just as U.S. stock-market gains have been driven by chipmakers, Canada's have been driven by banks. Columnist David Rosenberg writes that the magnitude is striking: The Big Six are up 33 per cent so far this year (almost 70 per cent on a year-over-year basis), but the non-bank index is not even up 6 per cent. The share of the Toronto Stock Exchange that is now dominated by the banks just crossed above a 25-per-cent mark, which is unprecedented and represents a near 2.5 standard deviation event: The Canadian banks have entered bubble territory. If you have been long and lucky, now is the time to book some profits. The single biggest driver is the credit-loss story shifting into reverse. Heading into 2025, the consensus fear was a mortgage-renewal cliff, but it never materialized. Rate cuts in 2024 and 2025 eased the credit stress, and the predicted surge in defaults proved way overblown. The Big Six banks have historically traded around 11 times earnings; today, the average is roughly 15 times on expected 2027 earnings -- a level rarely seen in the past. The operating backdrop, as solid as it is, doesn't support a rerating of this size.