Tariffs are dominating the headlines, but they’re not the biggest risk Jean-François Tardif sees for investors. The President of Timelo Investment Management is cautious on the economy, skeptical that the massive AI spending boom can last and actively positioning for downside.
He explains why he’s short Canadian banks and semiconductors, using puts on the S&P 500 and Nvidia, and preparing his portfolio for what could happen when AI spending eventually rolls over. At the same time, Tardif remains net long equities through gold and oil, explains why he sees gold stocks as significantly more attractive than copper right now and tells us his top gold stock. He also weighs in on the controversial H&R REIT deal, why he calls it a “take-under” and why he’s been buying more shares even as he considers voting against it.
In the mailbag, Tardif goes in depth on the Canadian banks and explains why taking profits in a tax-free account is a 'no-brainer'. He also talks CAE (CAE), Toromont Industries (TIH), goeasy (GSY) and Propel Holdings (PRL), Champion Iron (CIA), Village Farms International (VFF) and Magna Mining (NICU). Plus, he explains why he’s bearish on parts of the economy, what insider selling can tell investors and where he’s finding opportunities in beaten-down sectors.
In Pro Picks, Tardif revisits last year’s ideas, including Total Energy Services (TOT), which has roughly tripled since his appearance, Calian Group (CGY), up more than 50%, and H&R REIT (HR.UN). Then he reveals three new ideas: Adentra (ADEN), a cash-generating consolidator he believes is cheap even without a housing recovery; Colliers International (CIGI), a former market darling hit by fears over AI and commercial real estate; and Dutch Bros (BROS), a fast-growing coffee chain he believes has the potential to multiply its store count over time.
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02:17 Introducing JF Tardif
04:17 Canada, the US, and rising tariff tensions
07:54 The AI trade and the risk of peak spending
10:18 Why gold may be more attractive than copper
11:24 Hedging with shorts and put options
13:01 JF’s high conviction gold ideas
14:40 The H&R REIT take under
21:16 Are Canadian banks too expensive and JF’s short process
30:31 Toromont Industries stock (TIH)
32:47 Go Easy, Propel, and consumer lending risks (GSY, PRL)
34:13 Champion Iron stock (CIA)
36:27 Village Farms stock (VFF)
39:03 Magna Mining (NICU)
40:26 Past & Pro Picks ( TOT, CGY, HR.UN, ADEN, CIGI, BROS)
52:55 The Closing Bell: Golf, snowmobiling, and the closing bell
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The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.
In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.
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