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There are a number of stocks that his firm is in and out of all the time. You can identify a swing pattern of stock moves on a chart in a tight range. Up and down, up and down, all within the range.

Investing 101: Lump-Sum vs. Cash Flows

Time is money, and money is time. One of the founding principles of investing is that cash upfront is almost always better than spread out over a period of time. To achieve the same ending amount, less money is required if it is provided in full upfront than spread out over time. To demonstrate this, we show below that $10,000 upfront grows to ~$25,000 in 12 years, growing at an annual rate of 8%. Conversely, an investor would require 12 payments of $1,225 ($14,700 total) earning 8% annually to have $25,000 by the end of 12 year period. Therefore, $10,000 upfront growing at 8% achieves the same ending goal as $14,700 spread out over 12 years.
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He's underweight, and has been for some time. His portfolio position on banks is ~15%, compared to 20-25% of the index. It's not a market-timing call, but more of a long-term structural call. Better places to put $$. For individual clients, he doesn't mind selling some bank stocks to fund expenses. Otherwise, he's happy to hold and collect the dividends. 

All of them are quite rich, he's not buying right now. And we're still not at peak reset for Canadian home mortgages, which will be end of this year and into next. He'll be watching that.