Alyssa Minten/The Globe and Mail
Jean-François Tardif is laser-focused on making money when equity markets go nowhere. He buys compelling stocks cheaply when they tank and sells on periodic rallies. This active strategy, along with shorting securities, helped his $339-million Timelo Strategic Opportunities Fund gain 7.2% in 2022 when North American markets sank into the red. The hedge fund has also outpaced the S&P/TSX Composite Total Return since inception in 2013.
Interfor is a pure-play lumber producer whose stock price, I believe, has hit the bottom of the cycle. North American housing construction is down because of higher interest rates, but there will be a shortage of homes as the population grows because of immigration. The supply of lumber is tight, partly due to British Columbia reducing timber cutting. If interest rates drop because of a recession or an economic slowdown, we could see an upswing in housing construction and rising lumber prices.