The Globe and Mail reports in its Wednesday edition that money manager Jean-Francois Tardif is bearish on markets in 2025. The Globe's Brenda Bouw quotes Mr. Tardif, president and portfolio manager at Timelo Investment Management, saying: "We believe a recession is coming. I'm probably the most bearish I've been in 17 years." His pessimism is based on a handful of macroeconomic issues, including a growing U.S. deficit that the Trump administration promises to cut, which could lead to job losses and weaker economic growth. Other concerns include a strengthening U.S. dollar, which can hurt sales and profits of U.S.-based multinationals, a weakening European economy and an overpriced stock market after two years of strong returns. Mr. Tardif is particularly pessimistic about expensive large-cap stocks, which is why his portfolios hold a close to record-low amount of long equity positions, at about 47 per cent. The rest of the portfolio includes short positions and put options on Apple, Walmart and the SPDR S&P 500 ETF Trust (SPY). "These are great companies; it's more a valuation problem," Mr. Tardif says. "I see a recession and potential for a big drop in stocks." The bigger the rally, the harder the fall.