based on two factors: a) canada real estate bubble anxiety and b) T yielding 5%. I own two of the 5 Big Canada Banks (BMO and RY), but today i reduced my RY by 30%. Took those funds and a bit more and purchased more T for the 5% dividend, and lower capital risk. I may also add to VZ position above 5%. Everybody seems to hate VZ and T these days, and that usually means the floor is close – and i have a hard time seeing their businesses going away or even declining materially any time soon. Of course, they (VZ / T) need to figure out a higher ARPU and avoid being commodity digital conduits.