You have been hired to analyze Toronto-Dominion Bank (TD) a bank that has largely flown under the radar by most investors. Despite its low profile it has been beating the S&P 500 by 35% and the KBW Bank Index by about 135%. For 2014, TD returned 14.7% on equity (ROE). In addition, it has produced at least a 13.3% annualized ROE since 2011 at the same time the industry averaged 9% ROE for 2014 and the industry hasn’t averaged above 10% since 2007. Also, TD Bank has an assets to equity ratio of 16.8 while the industry is just above 11. Last, the bank industry has an ROA of 1.02%. Can you explain TD Bank’s superior performance? You must support answer.