The Globe and Mail reports in its Tuesday edition that Purpose fund manager Craig Basinger has been investing more defensively in recent months, even before U.S. President Donald Trump launched a tariff war that sent markets crashing. The Globe's Brenda Bouw writes that Mr. Basinger's take is that inflation is back and tariffs -- if they do come, after being delayed again until April 2 -- will likely worsen it. If tariffs are ultimately slapped on Canada, Mr. Basinger is not convinced they will endure, especially if markets continue to react negatively. He calls it the "Trump Put," given the broad belief that Mr. Trump measures his success on the performance of U.S. stock markets. He likes TD Bank, a stock he bought on Nov. 26 for $78.50 a share. "We bought it on the news of anti-money-laundering settlements in the U.S., how bad it's going to be, and if it's going to slow the bank's ability to grow in the U.S.," he says. "I think the market overreacted. I don't think investors look far enough into the future. In our view, it got overly punished. It's a bit of a contrarian move, but since we bought TD, it's been the second-best performing bank in Canada -- a hair behind our biggest bank position, Bank of Montreal."