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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Timestamps
00:00 Trailer
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
19:43 Mailbag begins
21:16 Are Canadian banks too expensive and JF’s short process
28:30 CAE stock (CAE)
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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DISCLAIMERS
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
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making any investment decisions.
In the Money delivers expert stock picks, market analysis, and
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Kanwar, each episode features interviews with top portfolio
managers and financial experts. Covering everything from ETFs and
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and risk management, this show is made for DIY investors, stock
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