Value investing doesn't appeal to me. I despise most value investors because almost all of them have done pretty bad over the last years. Many of them invested in Sears Holdings, which was one of the worst moves one could do 5 years ago (and almost everybody knew it back then, but they invested in SHLD anyway). However, sometimes, a particular situation appears, and, with a value perspective, it looks interesting.
Banque Laurentienne is an interesting case to me.
It's another of these Quebec's stocks. However, this time, it's not one of the best canadian stocks. It's not one of the worst either, but it's probably a so-so stock. The stock is selling at 75% of Book Value, which is something we usually see only for stocks that go through a crisis that will probably lead them to bankrupcy. That was the case with AIG and Bank of America a few years ago, for instance. Both survived because they were "too big to fail" but the road since then has been hard and still is for AIG. I don't think that LB.TO is similar to these two. LB.TO faces some challenges, doesn't grow that much and has a lower ROE than most banks, but the situation looks better than many other stocks.
So, for LB.TO, if you pay about 40$ for a share, you'll get a 6% dividend (the payout ratio is lower than 50% so the dividend appears to be safe), a share that should be at least 25% more expensive if it just respected it's book value and a sector that isn't at risk of a change of habits or a technological clash. I'm not sure that it's a good investment, because I respect what the market thinks about most stocks. In other words, the market is usually right for fixing prices. However, it's tempting to gamble a bit on that stock.
I don't do it, but I think it would be a good idea for most investors to gamble about 5% of their portfolios on stocks that don't follow your usual rules of investment but that appear interesting in a way or another (very expensive, unconventional, under book value…).
It's all a question of balance. You don't have the same opinion of a portfolio with 5% on Weed Stocks than a portfolio with 25% on weed stocks.