If you missed the choo choo，the choo choo will always come back.

Canadian banks, on average, pay a higher dividend than their U.S. counterparts and have done so for a long time. For example, the Bank of Montreal (NYSE:BMO) has an uninterrupted record of dividend payments extending back 188 years to 1829. The Bank of Nova Scotia (NYSE:BNS) is not far behind, with continual dividend payments since 1832, followed by TD Bank (NYSE:TD), which has paid dividends continually since 1857, and the Royal Bank, which has paid an uninterrupted dividend to investors for 147 years, extending back to 1870.

刚看了一篇关于加国皇银的帖子，作者是皇银30年的股东。如果说科技行业的choo choo还处于起始阶段， 那么加国银行的choo choo已经是成功行驶了一百多年了。

在那么漫长的时间里，有许许多多的机会可以上车，事实上在任何时候上车都可以成功的的到达目的地，可是有些人永远都会错过。

对于一个投资者，在今天，还是在1，2，5，10，15，20，25，30年前投资加国银行所要面临的问题和调战的难度都是基本相同的。

过去几年，因为加币对美元的汇率波动，二地的股票投资回报表现不相同，但是最终的结果将是相差无几。 原因芒格已经解释了。

芒格：

“Over the long term, it's hard for a stock to earn a much better return that the business which underlies it earns. If the business earns six percent on capital over forty years and you hold it for that forty years, you're not going to make much different than a six percent return - even if you originally buy it at a huge discount. Conversely, if a business earns eighteen percent on capital over twenty or thirty years, even if you pay an expensive looking price, you'll end up with one hell of a result.”