Stock price when the opinion was issued
He doesn't like the stock market, so he's looking for alternatives. This is one. Likes that there's the possibility of rates coming down in the US. His downside sell level is ~$86. First target is $95, second target is $100. Not correlated to stocks, so it will march to its own drumbeat (inflation, USD, and interest rate policy). Small dividend.
US long-dated treasuries. Very good compliment to your growth stock portfolio. During crises, bonds spike because it becomes more about return of capital rather than return on capital. Long duration means it's much more volatile; for example, in 2022-2023 there was a peak to trough loss of about 40%. See his Top Picks.
ZFL is Canadian long bonds. TLT is made up of Treasury long bonds. Both great vehicles in the context of trading and looking out for a recession. We're in a trading range for interest rates in general for the next few years. Bound on one end by colossal amounts of government debt, and on the other side inflation is driving rates higher as well. And all with the prospect of a slower global economy.
If you think there's going to be a harder economic landing, federal bonds will outperform provincial bonds as a rule of thumb. But you'll get a bit more yield in a provincial bond in the long run.
Most recently he's been adding duration and maxing out long-bond exposure. After the markets rally a bit, he's trimming that back. He wouldn't say buy and hold. If you were to see the US 10-year get back to 4.75%, and the US long bond get back to 5%, those are great opportunities for longer-term trades.