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.

剛看了一篇關於加國皇銀的帖子，作者是皇銀30年的股東。如果說科技行業的choo choo還處於起始階段， 那麽加國銀行的choo choo已經是成功行駛了一百多年了。

在那麽漫長的時間裏，有許許多多的機會可以上車，事實上在任何時候上車都可以成功的的到達目的地，可是有些人永遠都會錯過。

對於一個投資者，在今天，還是在1，2，5，10，15，20，25，30年前投資加國銀行所要麵臨的問題和調戰的難度都是基本相同的。

過去幾年，因為加幣對美元的匯率波動，二地的股票投資回報表現不相同，但是最終的結果將是相差無幾。 原因芒格已經解釋了。

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.”