Jordan Zinberg
President & CEO, Bedford Park Capital at Bedford Park Capital
Member since: Jan '25 · 52 Opinions
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Stock Opinions by Jordan Zinberg
It'll definitely help, and we're already seeing some stability in the markets. February/March was a pretty rough go for investors. He's seeing fundamental buyers stepping in. Valuations are still really attractive. As long as we can solve this tariff issue relatively quickly, the setup for investors is very good from here.
When all this started, his team did a position-by-position review. They were looking for 2 things: direct exposure to tariffs (such as producing a product and selling to the US), and indirect exposure (such as a spike in unemployment leading to decreased credit performance). So go through your portfolio and critically analyze both of these impacts.
Right now, given that there are so many good opportunities in the market, you don't really need to hold a stock where you're unsure what the impact will be or where you think there will be significant impact to margins.
Investors really need to look at things from a bottom-up perspective, company by company. He's not a macro investor, so he's not going to try to predict what's going to happen with tariffs or rates. Instead, he looks at a company's fundamentals and picks his spots.
The recovery we've seen typically comes in bursts over a small number of trading days. Worst thing you can do in times like this is to be out of the market completely. Some investors can't stomach downturns and just panic-sell. Don't do that.
Very different market than last year, where you could have owned anything and done well. Now it's a market where you really have to pick your spots. If you don't have the skill to do it on your own, work with a qualified adviser or firm because this is a much more difficult market. But tons of opportunity, so you need to take advantage of that.
He's probably not the best person to answer that question, because he focuses exclusively on Canada. Within the Canadian market, and within the universe that he follows, he's finding tons of growth stocks at single-digit multiples. When you can buy stocks like that, the setup's very good.
A week or two ago, stock popped on excitement over a new product that will lead to some recurring revenue, cut costs, and improve safety. 2025 will be a good year, but product is still being tested and rolled out. Pivotal year will be 2026. Trades at only 6x PE, profitable, great balance sheet, well run.
Really impressive Q4, very strong brand, US expansion is going extremely well. Tariff impact due to where it sources product, and investors are still evaluating that (and you should, too, before stepping in). He's always wanted to own, but trades at premium. Long-term will do well, quality company, excellent financials.
Really likes. Numbers are fantastic. Within the engineering/construction space, this is the one to own. He hasn't bought more as his method is to buy stocks as they're working higher, and this one wasn't. Trades at 6-7x PE, with ROIC north of 20% every year. Excellent management. Consistent, large contract wins.
Still likes it. Now expanding into credit cards. Over last 10 years, EPS has gone from $2 to $20. Returned 25% annually to investors over time, including dividends. One of the best-performing stocks in Canada. Volatile name, and you have to have the stomach to hold it through the cycle. Extremely cheap at 7x PE.
Whenever people get worried about the economy, they tend to get worried about the non-prime lenders because of unemployment spiking. But when you get into a tough economy, that's actually the best time to buy these names. Banks tighten credit, and better-quality borrowers slip down to lenders like GSY.
