Historically, buying banks after the last couple years they've had has proven to be a wise decision. In fact, since 2003, whenever the banks post negative two year rolling returns (meaning 2 years prior to today. So for example, it's December 12th today, so 2 year rolling return would go back to December 12 2021) they have rebounded and posted positive returns over 95% of the time the next year.
THat being said, I do expect the banks to buck this trend in 2024, and I do believe they will underperform because of the circumstances in the economy.
However, am I still adding? Absolutely. I have equal weight positions in BMO, TD, RY, and EQB. I will continue to add into weakness because all that allows me to do is accumulate shares for cheaper. I have no concerns if the banks stayed flat or negative in 2024. In fact, as a long term investor, I'd welcome it.