PCL does tend to sell off on days when investors are especially concerned about rising interest rates, buts it’s an irrational, kneejerk response, IMO. PCL will likely hike the dividend aggressively during the next few years, which makes it a very different proposition than a fixed-income security that yields 4%.
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”