RE:RE:RE:Worst 3 monthsTotally agree with you on the fact that the risk reward ratio s very favourable. I would argue that it is the best TSX stock in that regard. Paying a debt of $2.65 billion dollars within 10 to 12 years is impressive in my book. Imagine being a real estate investor, investing $2.65 billion in multiple properties that generate revenues north of $1.5 billion dollars per year and north of $300 million per year in free cash flow. In the next 4 to 5 years they will owe nothing on them and all the principal and interest payments will be added back to the free cash flow. As they buy back more shares, it will mean a lot more cash divided by fewer shares. TD knows it and other institutional investors know it as well but before they let the price run up they want to accumulate as many shares as they can before letting it pop to $10 per share.